Business, 20.10.2020 16:01 gizmo50245

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.

Answers: 1

Show answers

Answers

Answer from: bambamshortymacc

Question Completion:

The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period are as follows:

Date Transaction No. of Units Per Unit Total

March 3 Inventory 66 $225 $14,850

March 8 Purchase 132 270 35,640

March 11 Sale 88 750 66,000

March 30 Sale 55 750 41,250

April 8 Purchase 110 300 33,000

April 10 Sale 66 750 49,500

April 19 Sale 33 750 24,750

April 28 Purchase 110 330 36,300

May 5 Sale 66 790 52,140

May 16 Sale 88 790 69,520

May 21 Purchase 198 360 71,280

May 28 Sale 99 790 78,210

Keats Office Supplies

Total sales (495 units) = $381,370

Cost of goods sold $147,510

Gross profit $233,860

Explanation:

a) Data and Calculations:

Date Transaction No. of Units Per Unit Costs Revenue

March 3 Inventory 66 $225 $14,850

March 8 Purchase 132 270 35,640

March 11 Sale -88 750 66,000

March 30 Sale -55 750 41,250

April 8 Purchase 110 300 33,000

April 10 Sale -66 750 49,500

April 19 Sale -33 750 24,750

April 28 Purchase 110 330 36,300

May 5 Sale -66 790 52,140

May 16 Sale -88 790 69,520

May 21 Purchase 198 360 71,280

May 28 Sale -99 790 78,210

Total:

Cost of goods available 616 -495 = 121 $191,070 $381,370

May 31 Ending Inventory, using FIFO = 121 units 360 $43,560

Cost of goods sold = Cost of goods available for sale Minus Ending Inventory = $191,070 - $43,560 = $147,510

Answer from: Quest

both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

Answer from: Quest

jchcghfjvhvhhjhj

Another question on Business

Business, 22.06.2019 13:30

1. is the act of declaring a drivers license void and terminated when it is determined that the license was issued through error or fraud.

Answers: 2

Answer

Business, 22.06.2019 23:10

Mbo works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. the hierarchy ends in individual objectives set by each employee. this is an example of mbo working as objectives through the organization.

Answers: 1

Answer

Business, 22.06.2019 23:10

Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?

Answers: 2

Answer

Business, 23.06.2019 02:00

Imprudential, inc., has an unfunded pension liability of $572 million that must be paid in 25 years. to assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. if the relevant discount rate is 6.5 percent, what is the present value of this liability? (do not round intermediate calculations and enter your answer in dollars, not millions, rounded to 2 decimal places, e.g., 1,234,567.89)

Answers: 3

Answer

You know the right answer?

2. Determine the total sales, the total cost of merchandise sold, and the gross profit from sales fo...

Questions