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

Question

1 Approved Answer

Question to Presented below is information related to ABC Inc, Investory, beginning $375,000 Purches 1,369,000 Purchase returns 90,000 Purchase discounts 27,000 Gruss sales 2,110,000 Sales

image text in transcribed
Question to Presented below is information related to ABC Inc, Investory, beginning $375,000 Purches 1,369,000 Purchase returns 90,000 Purchase discounts 27,000 Gruss sales 2,110,000 Sales retums 145,000 Freight-in 63,000 Instructions Assuming the rate of gross profit to selling price is 25%, what is the approximate value of ending inventory at December 31, 2016. $118,000 B $216,250 C. None of these answer choices are correct. D. $1,198,750 Moving to another question will save this response

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

Financial Analysis And Decision Making

Financial Analysis And Decision Making

Authors: David E. Vance

1st Edition

0071406654, 9780071406659

More Books

Students also viewed these Accounting questions

Question

★★★★★
The Human Development Report 2006 published by the United Nations, showed infant mortality rates (number of infant deaths per 1000 live births) by country. For Africa, some of the values reported...

Answered: 1 week ago

Question

★★★★★
What role do you think managers and higher-level organizational leaders play in promoting compliance and there by a secure organizational culture?

Answered: 1 week ago

Question

★★★★★
What is the value of ????crit used in a two-sided large sample confidence interval for a proportion when the confidence level is (a) 90%? (b) 99%?

Answered: 1 week ago

Question

★★★★★
Quark Model of the Neutron The neutron is a particle with zero charge. Nonetheless, it has a nonzero magnetic moment with z component 9.66 X 10-27 A. m2. This can be explained by the internal...

Answered: 1 week ago

Question

★★★★★
Beaver Manufacturing expects to produce 20,000 units next year and has budgeted overhead for the year at $240,000. Over the past four years, Beaver Manufacturing produced the following number of...

Answered: 1 week ago

Question

★★★★★
Serial Problem Business Solutions (Algo) LO A1, P1 On October 1, 2020, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system...

Answered: 1 week ago

Question

★★★★★
Two precepts of Operations Management are efficiency and effectiveness. Efficiency is important in many areas of Operations as it can affect cost and schedule. Effectiveness however takes on another...

Answered: 1 week ago

Question

★★★★★
A hospital (or other provider or supplier) hosts an informational program to help patients with diabetes learn more about controlling their disease. To encourage participation, dinner will be...

Answered: 1 week ago

Question

★★★★★
According to the Holistic University Website Management reading, what team the backbone of the web team structure since it is responsible for the technical, quality, and operational aspects of the...

Answered: 1 week ago

Question

★★★★★
11. [p. 15] What is the equation preload and bolt size? used to calculate required Calculate fastener the tightening torques for the 20 fastener, a grade 8, -20 fastener and a grade 8, 14-28 faster...

Answered: 1 week ago

Question

★★★★★
Comfort with public disagreement is a big source of conflict on cross-cultural teams. Members from cultures that place a high value on "face" and group harmony may be averse to confrontation because...

Answered: 1 week ago

Question

★★★★★
2. Find out if there are other reference points that can be used as reasonable alternatives.

Answered: 1 week ago

Question

★★★★★
1. Identify your reference point when making a decision based on an element of risk.

Answered: 1 week ago

Question

★★★★★
3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

Answered: 1 week ago

Previous Question Next Question