Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).

A company uses a periodic inventory system. On April 1, the company had 9 items of beginning inventory with a cost of $13 per unit. On April 18, the company purchased 15 units at $14 per unit. Then, on April 29, the company sold 14 units. Using weighted average, the cost of the 14 units sold is closest to Cost of the units sold

Use the following information to complete the calculations below. Cost of goods sold $195,640 Inventory: Beginning of year 20,500 End of year 18,628 a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year. c. Compute number of days' sales in inventory. Round your answer to one decimal place. days

Ronda Company provided the following data for the current year: Inventory, January 1- P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the amount of gross sales for the current year? (A) P7,750,000 B P9,125,000 C P8,500,000 D) P7,000,000

Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.

Using the following information, what is the amount of gross profit? Purchases $ 30,526   Selling expense $ 769 Inventory, September 1 5,755   Inventory, September 30 10,605 Administrative expense 732   Sales 56,096 Rent revenue 984   Interest expense 1,159 $25,676 $29,932 $30,420 $1,159

Kids Costumes estimates its inventory by the gross profit method. The gross profit has averaged 39% of net sales. The company's inventory records reveal the following data: Inventory, July 1 $268,000 Transactions during July: Purchases 7,661,000 Purchase discounts 171,000 Purchase returns 32,000 Sales 8,788,000 35,000 Sales returns 1. Estimate the July 31 inventory using the gross profit method. 2. Prepare the July income statement through gross profit for Kids Costumes.

Use the following financial information to find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2008: Gross sales, $262,000; sales returns and allowances, $13,300; sales discounts, $2,400. Merchandise inventory, Jan. 1, 2008, $50,800; merchandise inventory, Dec. 31, 2008, $85,900; net purchases, $95,200; freight in, $625; salaries, $89,700; rent, $19,100; utilities, $1,300; insurance, $2,100; and income tax, $18,700.   Use parentheses to show a loss

Calculate cost of sales for the year: A company uses the periodic method and reported the following amounts for the year. Ending inventory = 40,000 Opening inventory= 41,500 Sales revenue =114,000 Purchases=77000 Purchase discounts = 7000 Purchase returns and allowances = 5800

Carr Corporation has provided the following information for its most recent month of operation: sales $8,300; beginning inventory $1,150; ending inventory $2,150 and gross profit $5,450. How much were Carr's inventory purchases during the period? Multiple Choice O $9,450. $5,450. $3,850. $6,150.