Gross profit percentage   %   %

- Chapter 8 Saved Help Save Selected financial statement data from Western Colorado Stores is shown below. 2021 2020 Net sales Cost of goods sold Operating expenses Inventory $975, 000 780, 000 110,000 130, 000 $995, 000 800,000 90,000 110, 000 Required: 1. Compute the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as 12.34).) 2. Compute the inventory turnover ratio for 2021. (Round your answer to two decimal places.) 1Gross profit ratie- 2 Inventory tumover ratio

8 points On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Cost $ 41,000 162,240 Retail $82,000 Net markups Net markdowns Net sales Retail price index, end of year 340,000 8,000 10,000 317,000 1.04 During 2025 (the following year), purchases at cost and retail were $195,075 and $433,500, respectively. Net markups, net markdowns, and net sales for the year were $9,000, $10,000, and $350,000, respectively. The retail price Index at the end of 2025 was 1.06. Estimate ending inventory in 2025 using the dollar-value LIFO retall method. Note: Round ratio calculation to 2 decimal places and round other intermediate calculations and final answer to the nearest whole dollar. Answer is complete but not entirely correct. Ending inventory S 83,784

Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…

2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500   Calculate Your Company's accounts receivable turnover for each year. 2021: 2022: 2023:

Question 100 If beginning inventory is 40 units at $4 per unit, purchases are 20 units at $8 per unit and 10 units at $5 per unit, and sales are 30 units at $12 per unit then the value of ending inventory under LIFO is $150. TRUE OR FALSE?

2023 2022 2021 Beginning Inventory $25,900 $24,750 $25,750 Ending Inventory 24,965 25,900 24,750 Beginning Accounts Receivable $5,350 $7,850 $7,950 Ending Accounts Receivable 7,850 7,950 $8,950 Beginning Assets 198,750 195,000 $175,000 Ending Assets 199,750 198,750 $195,000 Gross sales (all on credit) 52,800 56,400 58,650 Discounts 1,255 1,800 $1,500 Returns and allowances 2,545 1,400 2,000 Cost of goods sold 30,250 27,800 28,750 Operating expenses 4,750 6,250 7,500   Calculate the gross margin percentage (ratio) for each year.     2021: 2022: 2023:

3 Freeflow Inc uses Gross profit method to estimate its closing Inventory       details for 2020 is given below                                 Cost Retail     Gross Sales       $1,685,000.00     Freight     $18,000.00       Markdown cancellation       $8,000.00     Markup       $71,000.00     Purchases     $975,000.00 $1,834,000.00     Markup cancellation       $18,000.00     purchase returns     $23,000.00 $36,000.00     Sales returns       $38,000.00     Op Inventory     $220,000.00 $411,000.00     Markdowns       $69,000.00                   Freeflow has averaged 64.5% gross margin                         Based on this, what amount will Freeflow report as cost of goods sold       Question 3 options:   605315   584685   422450   598175

Q14: What is Music, Inc.’s 2021 Net Income?

None