The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is: a. $75,000. b. $67,500. c. $472,500. d. $47,250.

The following information is given about ZEE Company: Beginning inventory $120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 Gross profit percentage of sales 30% Using the gross profit method, the estimated ending inventory is: a. $75,000. b. $67,500. c. $472,500. d. $47,250.

Name: QUESTION 13:The following information is given about ZEE Company:Begi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: QUESTION 13:The following information is given about ZEE Company:Beginning inventory$120,000Purchases450,000Purchase discount30,000Sales750,000Sales return75,000Gross profit percentage of sales30%Using the gross profit method, the estimated ending i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Myanmar Company had the following transactions: April 1, Beginning Inventory: 20 units @ $205 each = $4,100 April 10, Purchase: 10 units @ $227 each = $2,270 April 20, Purchase: 10 units @ $221 each = $2,210 April 25, Sales of inventory 40 units @ $600 What is value of the company's ending inventory using LIFO? Select one: A. $-0- B. $2,625 C. $1,825 D. $4,450
Inventory data for Lily Company are reported as follows. Date June 1 12 23 30 Explanation Units Inventory Purchase (a1) Purchase Inventory 150 450 400 80 Unit Cost $10 11 12 Assume a sale of 500 units occurred on June 15 for a selling price of $13 and a sale of 420 units on June 27 for $9. olate cost of goods available for sale Total Cost $1.500 4,950 4,800 The cost of goods available for sale $ 11250
Calculate cost of ending inventory using the retail method: (Round your answer to the nearest cent.) Retail price $102,000 $ 40,000 Cost Beginning Inventory Purchases during the year Sales for year $60,000 $25,000 $60,000 Cost of ending inventory
Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase discounts 4000 freight in 12,000 sales 454,000 sales return 2,000 how much is the ending inventory if the gross profit rate is 25%
Presented below is information related to Kuchinsky Company. Cost Retail Beginning inventory 280,000 390,000 Purchases 1,820,000 3,000,000 Markups Markup cancellations Markdowns 130,000 20,000 47,000 Markdown cancellations 7,000 Sales 3,150,000 Compute the ending inventory using the conventional retail inventory method.
Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.
Question 3 Assume a company had the following inventory information: Beginning Inventory: 90 units @ $4.00 cost per unit Purchases: 180 units @ $7.00 cost per unit If the company then sold 180 units, calculate the dollar amount of COGS under average cost method.
Lorna Company has the following data available: Beginning inventory $170,000 Net purchases $450,000 Net sales $830,000 Gross profit percentage 40% The estimated cost of the ending inventory using the gross profit method is ________. Group of answer choices $332,000 $498,000 $620,000 $122,000
Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year Budgeted costs of operating the plant for 2,000 to 3,000 hours: Fixed operating costs per year Variable operating costs Budgeted long-run usage per year Flashlight Division Night Light Division Practical capacity $500,000 OA. $500,000 B. $625.000 OC. $600,000 D. $650,000 $500 per hour 2,000 hours 1,000 hours 4,000 hours Assume that practical capacity is used to calculate the allocation rates Actual usage for the year by the Flashlight Division was 1,500 hours and by the Night Light Division was 800 hours If a dual-rate cost-allocation method is used, what amount of operating costs will be budgeted for the Night Light Division?
Please help me
The financial statements of CVS Caremark reported the following information (in millions): CVS Caremark Year 2 Year 1 Net sales $126,761 $123, 120 Cost of sales 102,978 100,632 Inventories, net 11, 045 11,032 The inventory turnover ratio for Year 2 is: Group of answer choices 9.33 8.32 10.22 11.48
write the final answer just.