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

Question

1 Approved Answer

On January 1, 2021, the merchandise inventory of Glaus, Inc. was $1,500,000. During 2021 Glaus purchased $3,000,000 of merchandise and recorded sales of $5,000,000. The

image text in transcribed
On January 1, 2021, the merchandise inventory of Glaus, Inc. was $1,500,000. During 2021 Glaus purchased $3,000,000 of merchandise and recorded sales of $5,000,000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Glaus at December 31, 2021? TT T Arial 3 (120)

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

11th Edition

0273708708, 9780273708704

More Books

Students also viewed these Accounting questions

Question

★★★★★
The following characteristics are related to either periodic inventory or perpetual inventory systems. a. A physical count of goods on hand at year end is required. b. Inventory records are...

Answered: 1 week ago

Question

★★★★★
Can you write a python code for me? Using the turtle commands that you have learned, and your own sense of style: Draw me a house! You should use at least one function to draw a piece of your house....

Answered: 1 week ago

Question

★★★★★
Let A, B, and C be three events in a sample space . Assuming that the following inequalities hold P(A|B) P(C|B) and P(A|B) P(C|B), verify that P(A) P(C).

Answered: 1 week ago

Question

★★★★★
Following are five series of costs A through E measured at various volume levels. Examine each series and identify which is fixed, variable, mixed, step-wise, or curvilinear. Volume (Units) Series...

Answered: 1 week ago

Question

★★★★★
App Store Co. issued 15-year bonds one year ago at a coupon rate of 6.6 percent. The bonds make semiannual payments. Required: If the YTM on these bonds is 5.5 percent, what is the current bond...

Answered: 1 week ago

Question

★★★★★
The following account balances relate to the stockholders' equity accounts of Sheffield Corp. at year-end. 2022 2021 Common stock, 10,500 and 10,000 shares, issued and outstanding, respectively, for...

Answered: 1 week ago

Question

★★★★★
In 2006, e-Design was invited unexpectedly to participate in a design competition to provide new logos and new identity for Denmark's National Sports Team, a prestige client.What should the e-Design...

Answered: 1 week ago

Question

★★★★★
3. Consider company ABC. Today it is 1st of January 2022. The expected earnings of ABC (in million ) for the next few years (as per the 1st of January) are forecast to be: Year 2023 2024 2025 2026...

Answered: 1 week ago

Question

★★★★★
Smith Co. is considering the following alternative plans for financing the company: Issue 10% bonds (at face) Issue common stock, $10 par Plan I Plan II $1,000,000 $3,000,000 2,000,000 Income tax is...

Answered: 1 week ago

Question

★★★★★
In a time-sharing computer systern, the number of teleport inquiries averages 0.3 per millisecond a) Find the probability that at least one inquiry is made during the next millisecond. b) Find the...

Answered: 1 week ago

Question

★★★★★
2. (a) A two-area power system connected by a tie-line has the following characteristics on a common 1000 MVA base: Area 1 2 R R = 4% R2=5% D D = 0.5 D2=0.8 Each area has a generating unit and these...

Answered: 1 week ago

Question

★★★★★
If temporary workers are allowed to apply for permanent residency after one year of work, how will this impact other new immigrants who may have less experience in Canadian workplaces?

Answered: 1 week ago

Question

★★★★★
LO6 Define harassment and the role that HR plays in addressing it.

Answered: 1 week ago

Question

★★★★★
LO7 Describe the strategic importance of diversity for Canadian workplaces.

Answered: 1 week ago

Previous Question Next Question