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

Question

1 Approved Answer

Freddy Ltd's sales in January were 160,000, achieving a gross profit of 25%. Opening inventory was 40,000 and the cost of goods purchased totalled 90,000.

Freddy Ltd's sales in January were 160,000, achieving a gross profit of 25%. Opening inventory was 40,000 and the cost of goods purchased totalled 90,000.

What is the cost of the closing inventory?

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

The Wall Street Mba Your Personal Crash Course In Corporate Finance

The Wall Street Mba Your Personal Crash Course In Corporate Finance

Authors: Reuben Advani

3rd Edition

1260135594, 9781260135596

More Books

Students also viewed these Accounting questions

Question

★★★★★
Almost a century ago, Henry and Martha Kolb started a family-owned floral business in Storm Lake, Iowa. Both the business and the family grew into prominence. After their grandson, Robert, was...

Answered: 1 week ago

Question

★★★★★
a. Briefly describe how each of the following is computed: (i) Employees gross pay; (ii) Employees net pay. b. Outline the nature of those items that are required by UK law to be deducted from...

Answered: 1 week ago

Question

★★★★★
Describe t he t wo m ain t ypes of ex ercise. (p. 1 84)

Answered: 1 week ago

Question

★★★★★
The following interfund transactions occurred in Becca Citys General Fund during the year ended December 31, 2012. For each transaction, describe its nature (e. g., is it an interfund transfer, an...

Answered: 1 week ago

Question

★★★★★
The Chevron Company purchased $ 3 1 , 0 0 0 of merchandise from the Turf Wholesale Company. Chevron also paid $ 2 , 4 0 0 for freight costs to have the goods shipped to its location. Which of the...

Answered: 1 week ago

Question

★★★★★
Erin Smith sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue. . . . . . . . . . . . . . . . . . . . . . . $50,000 Cost of goods sold (all...

Answered: 1 week ago

Question

★★★★★
Exercise 8-19 Marin Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $25 per unit. None of...

Answered: 1 week ago

Question

★★★★★
Which one of the following is an example of a task/work group? A. A school counseling group that addresses students' responsible sexual behavior. B. A group held in a clinic that focuses on treating...

Answered: 1 week ago

Question

★★★★★
What is management growth? What are its factors

Answered: 1 week ago

Question

★★★★★
2. Your proposal for structuring the two types of loan facilities - amount, term, repayments and the security that will be required for each type of loan structure. 3. What instruction to provide to...

Answered: 1 week ago

Question

★★★★★
Jesse is a resident of Oregon.In Washington, Jesse enters into a contract withAndrew, a resident of Washington.When Jesse breaches the contract, Andrew files suit against Jesse in...

Answered: 1 week ago

Question

★★★★★
Mak Mah Sdn Bhd (MMSB) produces a single product that sells for RM500. Cost per unit: direct material RM70, direct labour cost RM50, variable packaging cost RM30, variable marketing RM20 and variable...

Answered: 1 week ago

Question

★★★★★
Define workplace bullying. What are the basic forms of workplace bullying?

Answered: 1 week ago

Question

★★★★★
Explain the focus of safety programs.

Answered: 1 week ago

Question

★★★★★
Describe the consequences of musculoskeletal disorders.

Answered: 1 week ago

Previous Question Next Question