Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods during the month. Their income from sales was $200,000 with $10,000 in returns. Their ending inventory was $30,000. Their operating expenses were $50,000. What was the net sales? What was the gross profit?

Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods during the month. Their income from sales was $200,000 with $10,000 in returns. Their ending inventory was $30,000. Their operating expenses were $50,000. What was the net sales? What was the gross profit?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

See similar textbooks

Similar questions

Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.
Accounting XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.
ABC Corporation has the following information for the year: Net Sales $1,000,000, Beginning Inventory $200,000, Purchases $600,000, Ending Inventory $150,000, and Gross Profit Rate 40%. Calculate the cost of goods sold and the gross profit for the year.
For the year, Simmons Incorporated reports net sales of $100,000, cost of goods sold of $80,000, and an average inventory balance of $40,000. What is Simmons’ gross profit ratio? a. 20%.b. 25%.c. 40%.d. 50%.
Wayne's Wells has sales for the year of P48,900 and an average inventory 21 of P8,800. The cost of goods sold id equal to 60 percent of sales and the profit margin is five percent. How many days on the average does it take the firm to sell an inventory item?
GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?