Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A review of the general ledger of Silicon R Us, Inc. provides the following data for the FYE 12-31-2019 Sales Revenue Inventory at 12-31-2018 Purchases

image text in transcribedimage text in transcribed

A review of the general ledger of Silicon R Us, Inc. provides the following data for the FYE 12-31-2019 Sales Revenue Inventory at 12-31-2018 Purchases in 2019 $4,276,000 $1,425,975 $1,935,200 Silicon R Us, Inc. employs a pricing model that yields 27.5% gross profit on sales. Required: A. Calculate and write in the following information: 1 Write in the Cost of Goods Available for Sale (COGAFS): 2 Write in your expectation of Cost of Goods Sold (COGS): 3 Write in your expectation of Gross Profit (GP): 4 Write in your expectation of Ending Inventory: Use this space for your calculations: B. If a physical count of Ending Inventory revealed inventory on hand at December 31, 2019 actually $150,350 select the best reason as to why? A) Some inventory was lost or stolen B) Sales were understated for the period C) Accounts Payable are understated D) Accounts Payable are overstated E) Accounts Receivable are understated F) Accounts Receivable are overstated

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Advances In International Accounting Volume 20

Authors: J. Timothy Sale

1st Edition

0762313994, 9780762313990

More Books

Students also viewed these Accounting questions

Question

Cite the reasons employees join unions.

Answered: 1 week ago