Based on the following data, estimate the cost of the ending merchandise inventory: Sales $9,250,000 Estimated gross
Question:
Based on the following data, estimate the cost of the ending merchandise inventory:
Transcribed Image Text:
Sales $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: 87% (8 reviews)
Gross profit rateGross profitSales Gross profit9...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Question Posted:
Students also viewed these Business 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, determine the cost of merchandise sold for April: Merchandise inventory, April 1 $ 15,000 Merchandise inventory April 30 28,000 Purchases 290,000 Purchases returns and...
-
Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 ..... $ 28,000 Merchandise inventory, November 30 ..... 31,500 Purchases...
-
Both high-income and low-income employees are covered by cafeteria plans. Under such plans, all employees may select from a list of non-taxable fringe benefits or they may elect to receive cash in...
-
What does it mean to say that the demand for a factor is a derived demand?
-
Provide a definition and an example of strategic storage from a logistical system you are familiar with.
-
What is the formula for calculating equity per share?
-
Assume that the actuarially required pension plan contribution for a county for its general government employees is $8,000,000. Compute the pension expenditures to be reported in each of the...
-
The Toyota automotive plant in San Antonio, Texas is setting up a just-in-time inventory system with a component manufacturer in Saltillo, Mexico. The schedule for deliveries is weekly. Each delivery...
-
The article "Factorial Design for Column Flotation of Phosphate Wastes" (N. Abdel-Khalek, Particulate Science and Technology, 2000:57-70) describes a 23 factorial design to investigate the effect of...
-
Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,450,000 Estimated gross profit rate 42% Beginning merchandise inventory $ 100,000 Purchases (net) 860,000...
-
Based on the following data, estimate the cost of the ending merchandise inventory: a. Estimate the cost of the merchandise destroyed. b. Briefly describe the situations in which the gross profit...
-
The standard cost data for Madison Machinery Company show the following costs for producing one of its machines: Direct materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
What is the most common statistical design? Explain it.
-
Differentiate between experimental and control groups.
-
What is a burndown and burnup chart used for?
-
Explain how you would implement a posttest-only control group design on the Internet to measure the effectiveness of a new print ad for Toyota Camry.
-
What approach provides for the scalability of Scrum?
-
Kam Company Ltd. had a beginning inventory on January 1 of 100 units of Product 4-18-15 at a cost of HK$210 per unit. During the year, the following purchases were made. Mar. 15..............300...
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
Beginning inventory, purchases, and sales for Item GY9 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise sold...
-
Target Corp. sells merchandise primarily through its retail stores. On the other hand, Amazon .com uses its e-commerce services, features, and technologies to sell its products through the Internet....
-
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost...
-
A stock's dividend in 1 year is expected to be $2.57. The dividend amount per year is expected to remain the same indefinitely. The stock's required return is 11%. The estimated value of the stock...
-
Jare Asset valuation and risk Personal Finance Problem Laura Drake wishes to estimate the value of an asset expected to provide cash inflows of $2,200 for each of the next 4 years and $10,859 in 5...
-
You just won the lottery and have elected to receive it in equal payments, starting today and lasting 20 years (20 payments). The value of the lottery is $2,500,000 today. If the lottery's discount...
Study smarter with the SolutionInn App