Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 15, 2024

A company had a gross profit percentage of 35% and sales of $155,000. The company began the year with $24,300 in inventory and purchased $152,750

A company had a gross profit percentage of 35% and sales of $155,000. The company began the year with $24,300 in inventory and purchased $152,750 of inventory during the year. What is the balance of inventory at the end of the period?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Financial System Reform In Eastern Europe And Asia

Authors: Robert W. McGee, Galina G. Preobragenskaya

2nd Edition

0387257098, 9780387257099

More Books

Students also viewed these Accounting questions

Question

★★★★★

Consider a U.S. portfolio manager holding a portfolio of French stocks. The market value of the portfolio is 20 million, with a beta of 1.2 relative to the CAC index. In November, the spot value of...

Answered: 1 week ago

Question

★★★★★

Sketch the curve with the given vector equation. Indicate with an arrow the direction in which t increases. r(t) = (3, t, 2 t 2 )

Answered: 1 week ago

Question

★★★★★

3. Utilizing one of the internet resources listed in this chapter, find a current job opening that requires a bachelors degree in psychology. a. What is the position? b. Where is it located? c. What...

Answered: 1 week ago

Question

★★★★★

Sanjay Kumar, the former chief executive of CA Inc., pleaded guilty to securities fraud and obstruction of justice charges stemming from a scheme that used backdated contracts to falsify the U.S....

Answered: 1 week ago

Question

★★★★★

Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $45,000 of cleaning services on...

Answered: 1 week ago

Question

★★★★★

Because an airline's costs define the limit of how low it can profitably price its service, and because most airline customers value low prices above all other carrier selection factors, the carrier...

Answered: 1 week ago

Question

★★★★★

Exercise 1-11 (Algo) Cost Behavior; Contribution Format Income Statement [LO1-4, LO1-6] Harris Company manufactures and sells a single product. A partially completed schedule of the company's total...

Answered: 1 week ago

Question

★★★★★

Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain...

Answered: 1 week ago

Question

★★★★★

Which statement would be considered metacommunication? Question 8 options: "Please arrive at 9 a.m." "I appreciate your effort." "Free coffee is available in the lounge." "We encourage employees to...

Answered: 1 week ago

Question

★★★★★

M F M b h = A steel beam with a rectangular cross-sectional area has a height h 32 mm and breadth b = 16 mm. It has a through thickness crack of length a = 4 mm as shown in the figure. The fracture...

Answered: 1 week ago

Question

★★★★★

Determine the values of the variable for which the expression is defined as a real number. (Enter your answer using interval notation.) x-2x-35 Need Help? Read It 40. [-/1 Points] DETAILS SPRECALC7...

Answered: 1 week ago

Question

★★★★★

When an employee provides notice of termination or a manager otherwise learns of an employees impending departure, a managers very first action should be to submit a requisition for a replacement. Do...

Answered: 1 week ago

Question

★★★★★

Describe in detail at least three important uses of complete and up-todate job descriptions.

Answered: 1 week ago

Question

★★★★★

It has been said that an appropriately operated HR department actually hires no one in the sense of selecting a person who will be offered a position. Why is this so?

Answered: 1 week ago

Previous Question Next Question