BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC 31,2021: GROSS PURCHASES: 578,200 FREIGHT - IN 42,800 INVENTORY END: 108,400 MERCHANDISE AVAILABLE FOR SALE: 710,490 NET PURCHASES: 598,000 HOW MUCH IS THE BEGINNING INVENTORY A) 112,490 B) 197890 C) 132290 D) 89,490
BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC 31,2021: GROSS PURCHASES: 578,200 FREIGHT - IN 42,800 INVENTORY END: 108,400 MERCHANDISE AVAILABLE FOR SALE: 710,490 NET PURCHASES: 598,000 HOW MUCH IS THE BEGINNING INVENTORY A) 112,490 B) 197890 C) 132290 D) 89,490
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
Related questions
Question
1) THE COMPANY SHOWED COST OF GOODS SOLD AMOUNTING TO 820,000 AND ITS GROSS PROFIT RATE IS 40% THE TOTAL EXPENSES WAS 390,500
A) 439,700
B) 156,300
C) (429,700)
D) (156,300)
2) BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC 31,2021:
GROSS PURCHASES: 578,200
FREIGHT - IN 42,800
INVENTORY END: 108,400
MERCHANDISE AVAILABLE FOR SALE: 710,490
NET PURCHASES: 598,000
HOW MUCH IS THE BEGINNING INVENTORY
A) 112,490
B) 197890
C) 132290
D) 89,490
3. A SALES TRANSACTION WITH A SALES INVOICE DATED APRIL 1 HAS A CREDIT TERM 2/10, 1/15, N/30 WHEN IS DUE DATE IF THE CUSTOMER WILL AVAIL 2% DISCOUNT?
A. APRIL 11
B. APRIL 30
C. APRIL 10
D. APRIL 16
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