On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5800Net sales: $58,000Net purchases: $59,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:
A. $36,700.
B. $5800.
C. $49,300.
D. $6800.
E. $30,900.
Answer: C
You might also like to view...
Sanchez Company's output for the current period was assigned a $200,000 standard direct materials cost. The direct materials variances included a $5,000 favorable price variance and a $3,000 unfavorable quantity variance. What is the actual total direct materials cost for the current period?
A. $205,000. B. $208,000. C. $198,000. D. $192,000. E. $202,000.
Which of the following is not a taxpayer filing status for purposes of determining the appropriate tax rate schedule?
A. Head of household B. Single C. Qualifying widow or widower D. Married filing separately E. All of these are taxpayer filing statuses
Which of the following accounts will be included in a post-closing trial balance?
A) Service Revenue B) Interest Payable C) Interest Expense D) Utilities Expense
The best way to enhance your listening skills is to learn to listen carefully. _________________________
Answer the following statement true (T) or false (F)