User Account

All Pages

What is the estimated gross profit for the period

Assignment Help Accounting Basics
Reference no: EM131784445

Problem

Elmer has cost of goods sold for a period of $2,000,000. Sales were $3,000,000. The beginning inventory for the period was $800,000, and the ending inventory was $1,200,000. What is the inventory turnover ratio?

Inventory Item A has a cost of $1,700. The replacement cost is $1,800. The item can be sold for $2,500 to a customer, and the normal profit margin is $1,000. At what amount should this item be reported in inventory on the balance sheet?

Beginning inventory cost $60,000 and retailed for $100,000. Purchases for the period were $240,000, and were marked to retail at $400,000. Sales for the period were $300,000. Using the retail method, what is the estimated gross profit for the period?

Reference no: EM131784445

Questions Cloud

What is the classical angular frequency : What is the classical angular frequency of oscillation of this particle? (1 eV = 1.60 × 10-19 J, h = 1.055 × 10-34 J · s, h = 6.626 × 10-34 J · s)
Probability of finding the electron : What is the probability of finding the electron in a 0.010 nm-wide region at x = 1.0 nm?
What is the value of the ground state energy : A particle confined in a rigid one-dimensional box of length 17 fm has an energy level En = 28.8 MeV and an adjacent energy level En +1 = 45 MeV.
A uniform cantilever beam of mass m per unit length : A uniform cantilever beam of mass m per unit length has its free end pinned to two springs of stiffness k and mass m0 each, as shown in Figure.
What is the estimated gross profit for the period : Elmer has cost of goods sold for a period of $2,000,000. Sales were $3,000,000. What is the estimated gross profit for the period?
Block of wood is floating in water : A block of wood is floating in water. The volume of the block is 0.01 m3. A force is pushing on the top of the block so that the top surface of the block
How much of the ice melted : How much of the ice melted? The specific heat of aluminum is 0.22 kcal/kg °C and the heat of fusion of ice is 79.7 kcal/kg.
What are the velocities of both balls after the collision : A 1.5kg ball is on a slope with an initial height of 2 m. It rolls down the slope and collides with a stationary 6.0 kg ball. The collision is elastic.
Approximate the new bending frequency : A load of 100 Ib at the wing tip of a fighter plane produced a corresponding deflection of 0.78 in.

Reviews

Write a Review

Accounting Basics Questions & Answers

  On january 1 2006 sooner or later inc granted 1000

on january 1 2006 sooner or later inc. granted 1000 at-the-money employee stock options. to align the compensation of

  Several inventory pools at the same time

1. Which of the following statement is not correct regarding inventory pools? A. One company can have several inventory pools at the same time.

  On the first day of its fiscal year woodard company issued

on the first day of its fiscal year woodard company issued 12000000 of 10-year 8 bonds to finance its operations of

  Twin evils of tyranny and anarchy

The framers of the U.S. Constitution feared the twin evils of tyranny and anarchy. Discuss how specific provisions of the Constitution and the Bill of Rights reflect these fears and protect against both of these extremes.

  Prepare a statement showing the net amount gained or lost

In 1955, A set up in business as a sole trader. On 1st January, 1956, B. joined him as a partner taking one-third of the profits and paying £1,200 as a premium.

  Weber co uses the retail inventory method to estimate its

weber co. uses the retail inventory method to estimate its inventory for interim statement purposes. data relating to

  What are the beginning and ending amounts of equity

At the beginning of the year, Keller Company's liabilities equal $60,000. What are the beginning and ending amounts of equity

  Expressed as a percentage of a base amount

In a comparative balance sheet, the ending Cash was $315,000 in 2011 and $270,000 in 2012. The net increase or decrease from 2011 to 2012 is:

  The standards for product u31 call for 71 liters of a raw

the standards for product u31 call for 7.1 liters of a raw material that costs 12.10 per liter. last month 1900 liters

  Why is it important for financial statements and other

why is it important for financial statements and other external reports to be based on generally accepted accounting

  When comparing various divisions within a company describe

when comparing various divisions within a company describe what problems can arise from evaluating divisions that have

  The records at the end of january 2012 for captain company

the records at the end of january 2012 for captain company showed the following for a particular kind of merchandise

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd