Question
Given below are account balances for Charlie Company: Gross sales, $108,000 Sales returns and allowances, $4,000 Selling expenses, $12,000 Cost of goods sold, $46,000 Interest
Given below are account balances for Charlie Company:
Gross sales, $108,000
Sales returns and allowances, $4,000
Selling expenses, $12,000
Cost of goods sold, $46,000
Interest expense, $3,000
How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places.Example - enter 46% as .46)
Annapolis Company's bank statement indicated an ending cash balance of $8,140. Alpha's accountant discovered that outstanding checks amounted to $665 and deposits in transit were $1,120. Additionally, the bank statement showed service charges of $35. What is the correct adjusted ending cash balance
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date
Activity
Quantity
Unit Price
5/1
Beginning Inventory
130
$10
5/5
Purchase
160
$12
5/15
Purchase
290
$14
5/25
Purchase
350
$16
Sales were 480 units at $20.Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
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