Business, 21.04.2020 20:43 arlabbe0606

Xercise 9-14 (Part Level Submission) Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 161,900 Purchases (gross) 697,000 Freight-in 31,400 Sales revenue 924,000 Sales returns 73,200 Purchase discounts 12,100 Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31Entry field with incorrect answer 212700 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO Attempts: 6 of 6 used Collapse question part (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e. g. 78.74% and final answer to 0 decimal places, e. g. 6,225.) The estimated inventory at May 31

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 19:10

If we know that a firm has a net profit margin of 4.6 %, total asset turnover of 0.62, and a financial leverage multiplier of 1.54, what is its roe? what is the advantage to using the dupont system to calculate roe over the direct calculation of earnings available for common stockholders divided by common stock equity?

Answers: 2

Answer

Business, 22.06.2019 05:40

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?

Answers: 1

Answer

Business, 22.06.2019 12:40

Alarge tank is filled to capacity with 500 gallons of pure water. brine containing 2 pounds of salt per gallon is pumped into the tank at a rate of 5 gal/min. the well-mixed solution is pumped out at the same rate. find the number a(t) of pounds of salt in the tank at time t.

Answers: 3

Answer

Business, 22.06.2019 16:00

In microeconomics, the point at which supply and demand meet is called the blank price

Answers: 3

Answer

You know the right answer?

Xercise 9-14 (Part Level Submission) Blossom Company uses the gross profit method to estimate invent...

Questions