FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer this as soon as possible please, In ACCOUNTING FORMAT If the estimated rate of gross profit is 30%, what is the estimated cost of

Answer this as soon as possible please, In ACCOUNTING FORMAT

image text in transcribed

If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on June 30, based on the following data? June 1 Merchandise Inv .... $75, 000 June 1-30 Purchases (net).... $150, 000 June 1-30 Sales (net)........ $135, 000

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

Step: 3

blur-text-image

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

Auditing Beyond Compliance Using The Portable Universal Quality Lean Audit Model

Auditing Beyond Compliance Using The Portable Universal Quality Lean Audit Model

Authors: Janet Bautista Smith

1st Edition

0873898400, 9780873898409

More Books

Students also viewed these Accounting questions

Question

★★★★★
One measure of the state of the economy is the amount of money homeowners pay on their mortgage each month. To determine the extent of change between this year and 5 years ago, a random sample of 150...

Answered: 1 week ago

Question

★★★★★
Help needed for this question. Suppose that the symbol is the empty set, the symbol is the set union operator, and the symbol \ is the set subtraction operator. For example: = { 1, 2, 3 } = { 1, 2, 3...

Answered: 1 week ago

Question

★★★★★
(Appendix) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily activities....

Answered: 1 week ago

Question

★★★★★
Par, Inc., is a major manufacturer of golf equipment. Management believes that Par's market share could be increased with the introduction of a cut-resistant, longer-lasting golf ball. Therefore, the...

Answered: 1 week ago

Question

★★★★★
Smith is interested to invest her funds in Software Industry sector and considering two stocks: Zain and STC. A total of 57% of her portfolio is allocated to Zain stock, whereas 43% invested in STC...

Answered: 1 week ago

Question

★★★★★
It is said benchmarking is an Art. Choose a company from any industry and illustrate the various ways this firm can be seen, with a view of selecting a set of appropriate benchmark.

Answered: 1 week ago

Question

★★★★★
Bob Jonas is a single parent who has been divorced for two years and who provides a home for his 10-year old dependent son. What filing status should Bob use? Select one: a. Married Filing Separate...

Answered: 1 week ago

Question

★★★★★
1. A rigid container contains saturated water at a pressure of 2 bar and a quality of 0.64. The water undergoes a process in which it is heated to a final temperature of 540C. Determine the final...

Answered: 1 week ago

Question

★★★★★
You and two other workers witness two trucks collide on a construction site. One driver is injured and requires first aid. You have no training in applying first aid but know there is a trained first...

Answered: 1 week ago

Question

★★★★★
Prepare the income statement for Crystal Bay Company for the most recent year. Us Next question cost of goods sold, cost of goods manutactured, and the amounts below. Assume that the company sold...

Answered: 1 week ago

Question

★★★★★
Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1, 20X2, for $416,000. At that date, the book values and fair values of Round's assets and liabilities were...

Answered: 1 week ago

Question

★★★★★
4. How do you feel about airlines mining your in-flight data? Is this any different from companies mining your credit card purchases or Web surfing? With the amount of data available to companies...

Answered: 1 week ago

Question

★★★★★
1. Describe the kinds of data being analyzed by the companies in this case. With the amount of data available to companies doubling every year, new sources of data, and innovations in data...

Answered: 1 week ago

Question

★★★★★
2. How is this fine-grained data analysis improving operations and decision making in the companies described in this case? What business strategies are being supported? With the amount of data...

Answered: 1 week ago

Previous Question Next Question