Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 13, 2024

Use the gross profit method with the following cost data, estimate the cost of ending inventory Net sales $ 3 9 0 , 0 0

Use the gross profit method with the following cost data, estimate the cost of ending inventory

Net sales $

390, 000

Gross profit rate

65 %

Beginning inventory $

55, 000

Net purchases $

140, 000

Question: What is the ending inventory balance?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To estimate the ending inventory balance using the gross profit method we can ... 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

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

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

★★★★★

Write balanced chemical equations to explain what happens, when (i) Mercuric oxide is heated. (ii) Mixture of cuprous oxide and cuprous sulphide is heated. (iii) Aluminium is reacted with manganese...

Answered: 1 week ago

Question

★★★★★

Design, execute, and analyze an actual experiment, with scientific hypotheses. Use any design you like, so long as the complexity is greater than CRD two factors, or a factor plus a block, at...

Answered: 1 week ago

Question

★★★★★

1. How should the balances of Progress Billings and Construction in Progress be shown at reporting dates prior to completion of a long-term contract a. Progress billings as income, construciton in...

Answered: 1 week ago

Question

★★★★★

Obtain the transfer functions X(s)/F(s) and Y(s)/F(s) for the following model: 3x = y y = f(t) -3y- 15x

Answered: 1 week ago

Question

★★★★★

An experimenter studies vision in low light by having participants sit in a darkened room for either 5, 15, or 25 minutes and then tests their ability to correctly identify 20 objects. (a) What is...

Answered: 1 week ago

Question

★★★★★

Irene is disabled and receives payments from a number of sources (see below). The interest payments are from bonds that Irene purchased over past years and a disability insurance policy that Irene...

Answered: 1 week ago

Question

★★★★★

Were the participants sensitized by taking a posttest?

Answered: 1 week ago

Question

★★★★★

Discuss the benefits of timely, appropriate, detailed information. How can a value be assigned to these characteristics?

Answered: 1 week ago

Question

★★★★★

6 M C Ble - MA x y jak | A ALBI: | = Graphs and Functions Identifying functions from relations PANITINICOTT W www-awu.aleks.com/alekscgi/x/Isl.exe/1o_u-IgNslkasNW8D8A9PVVfeDClvl Domain u m for n S O...

Answered: 1 week ago

Question

★★★★★

What is a consequence of releasing a new tool to team members before testing it thoroughly? Team members will give effective feedback and build team morale. The team will be hesitant to use the...

Answered: 1 week ago

Question

★★★★★

Identify and explain the weaknesses and strengths of Amanda as a potential leader based on Five practices in the LPI report. Use the link Leadership Practices Inventory (LPI) Study the Leadership...

Answered: 1 week ago

Question

★★★★★

1.Rule 203 of the AICPAs Code of Professional Conduct pertains to a. CPAs independence b. authorities designated to establish accounting standards c. standards of competency d. solicitation of new...

Answered: 1 week ago

Question

★★★★★

The Bonggang Bonggang Bang Bang Shop makes three basic types of noisemakers: Beng, Bang, and Bong. A Beng can be made in 30 minutes and has a feather attached to it. A Bang requires 15 minutes, has...

Answered: 1 week ago

Question

★★★★★

Question 8 Refer to Step 3.3. In the "Constrained " or "Long Only" version of the optimal risky portfolio , what is the portlolio standard deviation ? Write your answer as a percentage , with no...

Answered: 1 week ago

Question

★★★★★

Answer the following question with detail explanation including example of experience of utilizing concurrent engineering in a development process. What were some of the roadblocks encountered in the...

Answered: 1 week ago

Question

★★★★★

Tano Company issues bonds with a par value of $180,000 on January 1 of the current year. The bonds' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds...

Answered: 1 week ago

Question

★★★★★

Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.

Answered: 1 week ago

Question

★★★★★

Two investment opportunities have positive net present values. Investment As net present value amounts to $40,000 while Bs is only $30,000. Does this mean that A is the better investment opportunity?...

Answered: 1 week ago

Question

★★★★★

How is communication affected by relationships between people?

Answered: 1 week ago

Question

★★★★★

How does a company establish its minimum acceptable rate of return on investments?

Answered: 1 week ago

Previous Question Next Question