Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income: $124,000 8% $435,000 Income tax expense: $399,000 $365,000 $430,000 53% Gross profit ratio: $401,000 $10,400 $385,000 $29,000
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![Average tax rate
16%
Cost of goods sold:
Choces]
199
865,000
$58,400
Ending inventory:
11.2%
$34,000
Operating income:
$124,000
8%
$435,000
Income tax expense:
$399,000
$365,000
$430,000
53%
Gross profit ratio:
$401,000
$10,400
$385,000
$29,000
• Previous](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a648848-7142-4e8a-9ff5-a406715fad2c%2Faf10d778-7c06-4923-a92c-44fccf470698%2Fl11fzk5_processed.jpeg&w=3840&q=75)
![Use the following to answer these questions
Net Sales
$775,000
Gross profit
$410,000
Beginning inventory
$25,000
Purchases
$374,000
Operating expense
$345,000
Average tax rate
16%
Cost of goods sold:
[Choose]
[Choose ]
Ending inventory:
Mac](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a648848-7142-4e8a-9ff5-a406715fad2c%2Faf10d778-7c06-4923-a92c-44fccf470698%2Fn9akwbk_processed.jpeg&w=3840&q=75)
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- Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit cost price Unit market price Total cost price Total market price A 200 $15 $14.50 $3,000 $2,900 B 100 $14 $15.00 $1,400 $1,500 C 50 $17 $17.50 $850 $87516. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7Q: Find out the following missing values Purchase price of the inventory Rs=1,200,000, + Freight-in Rs=8,000, Purchase returns Rs= 50,000, Purchase allowances Rs=10,000, Purchase discounts Rs= 28,000.Net purchases of inventory? Cost of Purchases Rs=15000, Cost of Goods available for sales Rs= 25000, Cost of beginning inventory Rs=? Cost of Goods available for sales Rs= 50,000, Cost of Goods sold Rs= 43000, Cost of Ending inventory Rs=? Sales Rs= 10,000, Gross Profit Rs= 3,000, Cost of Goods Sold Rs=? Gross profit Rs= 5,000, Gross Profit Percentage= 20%, Sales/Sales Revenue Rs=?
- om/im/takeAssighmeny take rogress-tiue Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Market Inventory Cost per Value per Total Total Item Quantity Unit Unit Cost Market A 300 $15.00 $14.50 $4,500 $4,350 В 200 $14.00 $15.00 $2,800 $3,000 100 $17.00 $17.50 $1,700 $1,750 a. $8,850 Оь. 59,000 Oc. $9,100 Od. $9,250 Previous Next>LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
- Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning inventory $12,000 Purchases $444,000 Operating expense $215,000 Average tax rate 21% Cost of goods sold: V[Choose] $16,000 $298,000 Ending inventory: 70% $157,500 13% Operating income: $19,950 $456,000 $535,000 Income tax expense:Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000Using the lower of cost or market, what should the total inventory value be for the following items: Inventory Cost Market Value Total Cost Total Market Lower of Cost or Item Quantity per Unit per Unit Price Price Market 195 $8 $10 $1,560 $1,950 83 $14 $10 $1,162 $830 38 $21 $23 $798 $874 %24 %24 %24
- Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00 $14.50 $4,500 $4,350 B 200 14.00 15.00 2,800 3,000 C 100 17.00 17.50 1,700 1,750 a. $8,850 b. $9,100 c. $9,250 d. $9,000Preview File Edit View Go Tools Window Help V mgt120h-j17.pdf Page 5 of 10 przy:wwwv=j-zlatykyvvw.vivvvitiete a. 6 b. 7 c. 14 d. 16 C Ơ ● ₁ CC V 7. If average inventory was $80,000, sales were $560,000, and cost of goods sold were $480,000 what would be the inventory turnover? Search ((. Ơ Sat Apr 15 2:53 PMIvanhoe Corporation's computation of cost of goods sold is: Beginning inventory $64200 Add: Cost of goods purchased 540000 604200 Cost of goods available for sale 93000 Less: Ending inventory $511200 Cost of goods sold The average days to sell inventory for Ivanhoe are (Hint: Round intermediate calculation and final answer to 1 decimal place, eg O.6.) O 45.8 days. O 47.5 days. O 66.4 days. O 562 days.