Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

disregard last question in photo For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost

image text in transcribed
image text in transcribed
image text in transcribed
disregard last question in photo
For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale Next, subtract the cost of the inventory sold to arrive at the ending balance.) a Jil's Dress Shop had a beginning balance in its inventory account of $40,000. During the accounting period, Jill's purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. Jill's incurred $1,000 of transportation in cost and $600 of transportation-out cost. Salaries of sales personnel amounted to $31,000. Administrative expenses amounted to $35,600. Cost of goods sold amounted to $82.300. b. Ken's Bait Shop had a beginning balance in its inventory account of $8,000. During the accounting period, Ken's purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. Sales discounts amounted to $640. Ken's incurred $900 of transportation in cost and $260 of transportation-out cost. Selling and administrative cost amounted to $12,300. Cost of goods sold amounted to $33,900. Jill's Dress Shop Ken's Bait Shop Cost of goods available for sale Ending inventory The following income statements were drawn from the annual reports of the Atlanta Company and the Boston Company ME et 1210, S3, Cold (126.000) (199 bro 1.000 50.00 Le pri SIN 200 (0) inco TOO LONG 00 All figures are reported in thousands of dollars Required 1. Compute the gross margin percentages and return on or of Atlanta and Boston --2. One of the companies is a high-end retailer that operates inclusive shopping malls. The other tes discount stores located w low cost, standalone building. Identify the high end retailer based on to computed b. Adam and Boston have stockholders' equity of $168.000 and $122300 espectively, which company is in the more profitable business ce Complete this question by entering your answers in the tabs below. RGA: HAZ Reas Compute the gross margin percentages and return-or-sales ratio of Atlanta and Boston (Round your answers to the nearest while percentage Ananta Botto percentage Hemostaties Reg az

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

Funding And Financing Transport Infrastructure

Authors: Athena Roumboutsos, Hans Voordijk, Aristeidis Pantelias

1st Edition

0367735792, 9780367735791

More Books

Students also viewed these Accounting questions