Answered step by step
Verified Expert Solution
Question
1 Approved Answer
INCOME STATEMENT & INVENTORY 8- ABC had Sales of 3,000 during 2022. The company purchased $1,000 of inventory during 2022 and finished the year
INCOME STATEMENT & INVENTORY 8- ABC had Sales of 3,000 during 2022. The company purchased $1,000 of inventory during 2022 and finished the year with 200 in inventory. The Inventory balance on 1/1/2022 was 1,410. What was the company's Gross Margin for the 2022 year? (no inventory shrinkage) 9- XYZ Co. reported a Gross Margin of 2,800 in 2019 on Sales of 6,800. The company Purchased 4,000 of Inventory during 2019 and reported 100 in missing inventory. What was the ending Inventory balance in 2019 if the beginning balance was 1,000? 10- XYZ Company began 2021 with 1,000 Inventory and ended 2021 with 2,000 Inventory, The company had 6,000 in inventory purchases. The Income Statement showed a Gross Margin of 1,500 on Sales of 6,000. How much inventory went missing during 2021? BLE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Inventory and Gross Margin Calculations 8 ABC Companys Gross Margin 2022 We can use the Cost of Goods Sold COGS formula to solve for Gross Margin Gros...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started