Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May. Accounts receivable, May 1 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $21,000 27,000 90,000 45,000 58,000 Answer the following Questions [DO NOT use commas (.) or dollar signs ($) when entering a number. For example, if you want to enter $1.000 simply write 1000]. 1. Sales revenue for the month of May = $ 2. Cost of goods sold for the month of May = $ 3. The gross profit for the month of May = $ 4. The cost of goods available for sale for the month of May = $ 5. The ending inventory to be reported on the balance sheet at the end of May =
Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May. Accounts receivable, May 1 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $21,000 27,000 90,000 45,000 58,000 Answer the following Questions [DO NOT use commas (.) or dollar signs ($) when entering a number. For example, if you want to enter $1.000 simply write 1000]. 1. Sales revenue for the month of May = $ 2. Cost of goods sold for the month of May = $ 3. The gross profit for the month of May = $ 4. The cost of goods available for sale for the month of May = $ 5. The ending inventory to be reported on the balance sheet at the end of May =
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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![Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated.
All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May.
Accounts receivable, May 1
Accounts receivable, May 31
Collections of accounts during May
Inventory, May 1
Purchases during May
$21,000
27,000
90,000
45,000
58,000
Answer the following Questions [DO NOT use commas (.) or dollar signs ($) when entering a number. For example, if you want to
enter $1.000 simply write 1000].
1. Sales revenue for the month of May = $
2. Cost of goods sold for the month of May = $
3. The gross profit for the month of May = $
4. The cost of goods available for sale for the month of May = $
5. The ending inventory to be reported on the balance sheet at the end of May=](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde3bfe77-43b3-4fec-a9cc-057d99d20f7a%2Fa7e778eb-f3ad-4995-b92a-91b0349b012b%2F4drlec_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Utley Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated.
All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May.
Accounts receivable, May 1
Accounts receivable, May 31
Collections of accounts during May
Inventory, May 1
Purchases during May
$21,000
27,000
90,000
45,000
58,000
Answer the following Questions [DO NOT use commas (.) or dollar signs ($) when entering a number. For example, if you want to
enter $1.000 simply write 1000].
1. Sales revenue for the month of May = $
2. Cost of goods sold for the month of May = $
3. The gross profit for the month of May = $
4. The cost of goods available for sale for the month of May = $
5. The ending inventory to be reported on the balance sheet at the end of May=
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