Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 22, 2024

Using the gross profit method, what is the estimated cost of goods sold assuming a gross profit rate of 35% for net sales totaling $150,000?

Using the gross profit method, what is the estimated cost of goods sold assuming a gross profit rate of 35% for net sales totaling $150,000? a. $52,500. b. $5,250. c. $97,500. d. None of these choices are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Forensic And Investigative Accounting

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

10th Edition

0808056301, 9780808056300

More Books

Students also viewed these Accounting questions

Question

★★★★★

What is the definition of an integrated marketing mix? How might this affect the research a firm conducts?

Answered: 1 week ago

Question

★★★★★

a. A profit-maximizing business incurs an economic loss of $10,000 per year. Its fixed cost is $15,000 per year. Should it produce or shut down in the short run? Should it stay in the industry or...

Answered: 1 week ago

Question

★★★★★

3. How do the different schools of thought in offender profiling differ from one another?

Answered: 1 week ago

Question

★★★★★

Storm, Inc. purchased the following available-for-sale securities during 2014, its first year of operations: The market price per share for the available-for-sale security portfolio on December 31,...

Answered: 1 week ago

Question

★★★★★

The state lottery's million-dollar payout provides for $33 million(s) to be paid over 1919 years in 2020 payments of $ 150 comma 000$150,000. The first $ 150 comma 000$150,000 payment is made...

Answered: 1 week ago

Question

★★★★★

16 c) Use the Taylor polynomial in (a) and integration to find the 4th degree Taylor polynomial for In 12 + x|. n / 2t x - x

Answered: 1 week ago

Question

★★★★★

Question 18 1 pts For the gear trains sketched in the given figures, compute the output speed of the output shaft if the input shaft rotates at 1750 rpm (Accuracy .X RPM, don't include +'s or -'s...

Answered: 1 week ago

Question

★★★★★

Explain what cloud service the New York Times successfully utilized and the benefit this solution provided.

Answered: 1 week ago

Question

★★★★★

The projectile of the .22LR cartridge fits a barrel with a nominal _________________-inch diameter bore, while the .223/5.56 is designed for a bore with the nominal diameter of .224

Answered: 1 week ago

Question

★★★★★

Greenfield Valley is a fertile agricultural region known for its high-quality crop production. However, the area has been facing significant soil erosion issues due to a combination of factors,...

Answered: 1 week ago

Question

★★★★★

Even though your authority is limited and there is little you can do right now to alter the physical environment, what can you do to improve safety?

Answered: 1 week ago

Question

★★★★★

In a sample of 250 males between the ages of 50 and 64, it was found that the mean systolic blood pressure was 164 mmHg with a standard deviation of 8 mmHg (i.e., 164 8.0). If the distribution were...

Answered: 1 week ago

Question

★★★★★

6. Give three examples that nothing (doing nothing) can function as a cause.

Answered: 1 week ago

Question

★★★★★

2. To store it and

Answered: 1 week ago

Question

★★★★★

3. Give three examples from your own everyday life where a piece of communi-cation is structured into a linear sequence, i.e. B is the cause of A.

Answered: 1 week ago

Previous Question Next Question