{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-05T07:14:38-04:00", "answer_date": "2024-06-05 07:14:38", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2284594", "url": "\/study-help\/questions\/item-amount-beginning-inventory-800000-purchases-960000-ending-inventory-810000-2284594", "question_creation_date_js": "2024-06-05T07:14:38-04:00", "question_creation_date": "Jun 05, 2024 07:14 AM", "meta_title": "[Solved] Item Amount Beginning Inventory $800,000 | SolutionInn", "meta_description": "Answer of - Item Amount Beginning Inventory $800,000 Purchases $960,000 Ending Inventory $810,000 Sales $7,200,000 Sales Returns a | SolutionInn", "meta_keywords": "item,amount,beginning,inventory,$800,000,purchases,$960,000,ending,$810,000,sales,$7,200,000,returns", "question_title_h1": "Item Amount Beginning Inventory $800,000 Purchases $960,000 Ending Inventory $810,000 Sales $7,200,000 Sales Returns and Allowances $165,000 Freight-In $290,000 Purchase Discounts $145,000 Purchase Returns and", "question_title": "Item Amount Beginning Inventory $800,000 Purchases $960,000 Ending Inventory $810,000 Sales $7,200,000", "question_title_for_js_snippet": "Item Amount Beginning Inventory $800,000 Purchases $960,000 Ending Inventory $810,000 Sales $7,200,000 Sales Returns and Allowances $165,000 Freight In $290,000 Purchase Discounts $145,000 Purchase Returns and Allowances $78,000 Calculate the following Cost of Goods Sold (COGS) Gross Profit Net Sales Gross Profit Percentage (Gross Profit as a percentage of Net Sales) Inventory Turnover (Cost of Goods Sold divided by Average Inventory) Average Inventory", "question_description": "

<\/p>

  1. <\/li><\/ol>
    Item<\/th>Amount<\/th><\/tr><\/thead>
    Beginning Inventory<\/td>$800,000<\/td><\/tr>
    Purchases<\/td>$960,000<\/td><\/tr>
    Ending Inventory<\/td>$810,000<\/td><\/tr>
    Sales<\/td>$7,200,000<\/td><\/tr>
    Sales Returns and Allowances<\/td>$165,000<\/td><\/tr>
    Freight-In<\/td>$290,000<\/td><\/tr>
    Purchase Discounts<\/td>$145,000<\/td><\/tr>
    Purchase Returns and Allowances<\/td>$78,000<\/td><\/tr><\/tbody><\/table>

    Calculate the following:<\/p>

    1. Cost of Goods Sold (COGS)<\/li>
    2. Gross Profit<\/li>
    3. Net Sales<\/li>
    4. Gross Profit Percentage (Gross Profit as a percentage of Net Sales)<\/li>
    5. Inventory Turnover (Cost of Goods Sold divided by Average Inventory)<\/li>
    6. Average Inventory<\/li><\/ol>", "transcribed_text": "", "related_book": { "title": "Horngrens Financial and Managerial Accounting", "isbn": "9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292", "edition": "5th edition", "authors": "Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/467.jpg", "uri": "\/textbooks\/horngrens-financial-and-managerial-accounting-5th-edition-467", "see_more_uri": "\/textbooks\/business-strategic-hr-planning-3399" }, "free_related_book": { "isbn": "B0863S81R1", "uri": "\/textbooks\/not-everything-you-enjoy-is-good-1st-edition-979-8629777915-265245", "name": "Not Everything You Enjoy Is Good", "edition": "1st Edition" }, "question_posted": "2024-06-05 07:14:38", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/if-the-top-of-your-automobile-tire-is-moving-with", "description": "If the top of your automobile tire is moving with a speed of v, what is the reading of your speedometer?", "stars": 3 }, { "url": "\/study-help\/calculus-early-transcendentals\/evaluate-the-following-integrals-766485", "description": "Evaluate the following integrals. z + 20z 15 dz 5z .3 z + 4z2", "stars": 3 }, { "url": "\/study-help\/psychology\/how-does-an-applicant-apply-1980902", "description": "How does an applicant apply?", "stars": 3 }, { "url": "\/beam-of-protons-travelling-at-1.20-kms-enters", "description": "A beam of protons travelling at 1.20 km\/s enters a uniform magnetic field, travelling perpendicular to the field. 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