and also that Guardian Company has and gross profit. beginning inventory of $60,000, ending inventory of $90,000,
Question:
and also that Guardian Company has and gross profit. beginning inventory of $60,000, ending inventory of $90,000, and net sales of $680,000.
(LO 6) Determine the amounts to be reported for cost of goods sold and gross profit.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Financial Accounting
ISBN: 9780470929384
8th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
Question Posted:
Students also viewed these Business questions
-
When goods are sold, they are transferred from Blank______. Multiple choice question. raw materials inventory to work-in-process inventory work-in-process inventory to finished-goods inventory...
-
Z, minimum wage earner, received the following for 2018: basic salary of P 140,000, overtime pay of P 20,000, night shift differential of P 10,000 and 13th month pay of 100,000. What is the taxable...
-
Like the capital asset pricing model, the bond yield plus risk premium (BYPRP) approach is useful for __________. determining whether it makes financial sense to pursue a new project calculating the...
-
The following post-closing trial balance was prepared for Speedy Prints, Inc., but some balances were entered in the wrong column. Prepare a corrected post-closing trial balance. Assume all accounts...
-
On 20 very cold days, a farmer got her tractor started on the first, third, fifth, first, second, first, third, seventh, second, fourth, fourth, eighth, first, third, sixth, fifth, second, first,...
-
On October 15, 201X, Austin Company prepared a voucher no. 88 to record the purchase of equipment for $860. On October 18, Austin Company decided to pay $860 in two equal installments. (Voucher nos....
-
PR 6-1 How should a company treat intercompany sales of assets in the consolidated financial statements?
-
Jinny Buffett recently retired as a flight attendant and is interested in opening a fitness center and health spa exclusively for women in Grand Cayman, where she resides. After careful study, she is...
-
A a 21 . kitchen AaBbia Lai H Giang, Pan Pages Question 13(8 marks) Flyer Corporation manufactures two products Product A and Product B. Product B is of fairly recent origin, having been developed as...
-
Prepare the journal entries to record these transactions on Huntington Comtransactions. panys books using a periodic inventory system. (LO 6) (a) On March 2, Huntington Company purchased $900,000 of...
-
Assume that Guardian Company uses a periodic inventory system and has these cost of goods purchased. account balances: Purchases $430,000; Purchase Returns and Allowances $13,000; (LO 6) Purchase...
-
Since passage of the Wild Horse and Burro Act of 1971 both wild horses and burros have: a. Shown large declines on most ranges b. Shown large increases on most ranges c. Shown no change in numbers on...
-
Use your own academic report, issued by your institute, as an example. Ask a database administrator how they use normalization steps to transform the details of the report into a set of relations in...
-
Francis Corp. has two divisions, Eastern and Western. The following information for the past year is for each division: Francis has established a hurdle rate of 9 percent. Required: 1. Compute each...
-
The enzyme lipase catalyzes the hydrolysis of esters of fatty acids. The hydrolysis of p-nitrophenyloctanoate was followed by measuring the appearance of p-nitrophenol in the reaction mixture: The...
-
Use values of r cov (Table 17.1) to estimate the XY bond lengths of ClF, BrF, BrCl, ICl and IBr. Compare the answers with values in Fig. 17.8 and Table 17.3, and comment on the validity of the method...
-
From a square whose side has length \(x\), measured in meters, create a new square whose side is \(10 \mathrm{~m}\) longer. Find an expression for the sum of the areas of the two squares as a...
-
The existence of just four large CPA firms that service virtually all of the major industrial and financial companies and thus dominate the accounting profession has led to criticism through the...
-
Rosalie owns 50% of the outstanding stock of Salmon Corporation. In a qualifying stock redemption, Salmon distributes $80,000 to Rosalie in exchange for one-half of her shares, which have a basis of...
-
4) Read the following case carefully and answer the given questions. You have been the finance director of a clothing retailer for ten years. The companys year end is 31st December 2019, and you are...
-
all of the other problems here on chegg don't describe right on how they god the answer. can you make it step by step math to show how you got what and from where and each number to get the answer...
-
D Required information The following Information applies to the questions displayed below.) Diego Company manufactures one product that is sold for $76 per unit in two geographic regions-the East and...
Study smarter with the SolutionInn App