Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) ............... $9,250,000
Question:
Sales (net) ............... $9,250,000
Estimated gross profit rate .......... 36%
Beginning merchandise inventory ....... $ 180,000
Purchases (net) ............. 5,945,000
Merchandise available for sale ....... $6,125,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
Merchandise available for sa...View the full answer
Answered By
Cyrus Sandoval
I a web and systems developer with a vast array of knowledge in many different front end and back end languages, responsive frameworks, databases, and best code practices. My objective is simply to be the best web developer that i can be and to contribute to the technology industry all that i know and i can do. My skills include:
- Front end languages: css, HTML, Javascript, XML
- Frameworks: Angular, Jquery, Bootstrap, Jasmine, Mocha
- Back End Languages: Java, Javascript, PHP,kotlin
- Databases: MySQL, PostegreSQL, Mongo, Cassandra
- Tools: Atom, Aptana, Eclipse, Android Studio, Notepad++, Netbeans.
Having a degree in Computer Science enabled me to deeply learn most of the things regarding programming, and i believe that my understanding of problem solving and complex algorithms are also skills that have and will continue to contribute to my overall success as a developer.
I’ve worked on countless freelance projects and have been involved with a handful of notable startups. Also while freelancing I was involved in doing other IT tasks requiring the use of computers from working with data, content creation and transcription.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $ 5,260,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 180,000 Purchases (net)...
-
Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $1,500,000 Estimated gross profit rate 38% Beginning merchandise inventory $ 80,000 Purchases (net) 948,000...
-
Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $4,800,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 250,000 Purchases (net)...
-
In September 2020 Kevin sells a drawing for 2,000. He bought the drawing in February 2014 for 50,000 when it was thought (incorrectly) to be by a famous artist. Compute the allowable loss.
-
Discussing this chapter, a classmate says, "An element that commonly forms a cation is a metal." Do you agree or disagree? Explain your answer.
-
What legal, ethical, and privacy issues are associated with databases used in crime fighting? Research and present a short paper (10 pages or less) to your class.
-
Bank of America lent $100,000 to Christine Kleuters on a 90-day, 8% note. Record the following transactions for Bank of America (explanations are not required): 1. Lending the money on June 12. 2....
-
Air travel on Mountain Airlines for the past 18 weeks was: a. Explain why an averaging technique would not be appropriate for forecasting. b. Use an appropriate technique to develop a forecast for...
-
ABC Ltd. has two divisions. The Compound Division makes A2C2, an industrial compound, which is then transferred to the Processing Division. The Processing Division further processes the A2C2 and...
-
There are 2 shinobis with chakra levels 5 and 10 respectively and the desired sum of chakra levels is utmost 15 Starting with ke0, suy of chakra levels after attack max(5-0,0) + max(10- 0,0) 5+10 15....
-
The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: a. Estimate the cost of the merchandise destroyed. b. Briefly describe...
-
Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) ................ $1,450,000 Estimated gross profit rate ........ 42% Beginning merchandise inventory...
-
When some runners in the New York City Marathon hit the Queensboro Bridge temptation sets in and, rather than finishing the last 10 miles through Harlem and the Bronx, they hop a ride on the subway...
-
A major hurricane could close the highest grossing restaurant for six to 12 months. The last major hurricane occurred 20 years ago, but there have been two minor hurricanes (ten years ago and five...
-
Group dynamics inform organizational behavior, and this aspect affects employee performance in any organization. As a student of industrial Psychology, critically examine the relevance of...
-
Write a java program to convert decimal to binary number?
-
Some practitioners and researchers consider organizational behavior modification unethical because it may be viewed as a form of manipulation. What is your reaction to this criticism?
-
Write a java program to find out given number is odd or not?
-
You are in charge of designing and building a new solar heater. Develop the OBS and the WBS. Explain the relationship between the two.
-
As economic conditions change, how do banks adjust their asset portfolio?
-
In 2013, the Canadian academic community was shocked to learn that five established professors in McMasters DeGroote School of Business were sanctioned for harassment and for creating a hostile...
-
What is the difference between a current liability and a long-term liability?
-
Why are closing entries required at the end of an accounting period?
-
Why are closing entries required at the end of an accounting period?
-
Do you think that all levels of management have the same functional skills needed for the workplace? How do managers in organizations communicate in terms of tone and leadership style?
-
Accustart Ltd. acquired 38% of the common shares of Lecce Ltd. on January 1, 2024, by paying $5.76 million for 144,000 shares. Lecce declared a cash dividend of $0.60 per share in each quarter that...
-
List and analyze the selection to demonstrate whether you agree or disagree with the list. Explain why or why not....
Study smarter with the SolutionInn App