Gretel's Grapes had beginning inventory of $54,000. During the period the company purchased $109,800 of merchandise. At the end of the period, Gretel's
... [Show More] inventory was $39,600. If the gross profit percentage was 40%, what was Gretel's sales revenue?
Mustang Collectibles began the current month with inventory costing $17,500, then purchased inventory at a cost of $44,000. The perpetual inventory system indicates that inventory costing $46,710 was sold during the month for $48,000. If an inventory count shows that inventory costing $13,900 is actually on hand at month-end, what amount of shrinkage occurred during the month?
The difference between the ending balance in the inventory account and the physical inventory count is the_______________.
BaileyQ, Inc. sells $689,300 of goods during the year that have a cost of $508,600. Inventory was $30,883 at the beginning of the year and $35,138 at the end of the year.How long on average does it take to sell something from inventory after it is purchased?
Assume the 2018 ending inventory of Bubba Gump's Shrimp on the Big Isand of Hawaii was overstated by $102,000. How would this error affect the amounts reported for cost of goods sold and gross profit for 2018 and 2019.
Tucker Industries had been selling its product for $32 per unit, but recently lowered the selling price to $21 per unit. The company's current inventory consists of 230 units purchased at $28 per unit. The market value of this inventory is currently $19 per unit. At what amount should the company's inventory be reported on the balance sheet?
Miguel Angel Alcarez Company updates its inventory records perpetually. The company's records showed a beginning inventory of $19,000, cost of goods sold of $27,000, and ending inventory of $21,000. How much inventory was purchased during the year?
Yarn Central has sales of $51,000, beginning inventory of $2,500, purchases of $27,000, and ending inventory of $7,000. The cost of goods sold is:
At year end, CurlZ, Inc.'s inventory consists of 200 bottles of CleanZ at $1 per bottle and 100 boxes of DyeZ at $10 per box. Market values are $1.20 per bottle for CleanZ and $8 per box for DyeZ. CurlZ should report its inventory at:
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $7,500, terms 4/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $1,600. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley?
Victoria's Secret reported the following in its financial statement notes.
Ending inventory balances ... include inventory in transit. Inventory in transit is considered to be all merchandise owned by Victoria's Secret that has not yet been received at an Victoria's Secret distribution center.
Has the inventory in transit been sold to Victoria's Secret as FOB shipping point, or FOB destination?
FOB shipping point
Over a two-year period, Sammy's Sausages' gross profit percentage went from 70.4% to 69.7%. Which of the following could not have been the cause of this change?
Zonarosa Hermosa bought inventory from Monterosa Company, FOB destination. On December 31, the last day of the accounting year, the goods were on a truck owned by Camon Carrier, Inc., and not expected to arrive until January 2. Which company should include these goods in its December 31 inventory?
Athleta's beginning inventory is $41,000, goods purchased during the period cost $126,000, and the cost of goods sold for the period is $146,000. What is the amount of its ending inventory?
T or F:
Inventory shrinkage is the difference between inventory in the warehouse and inventory counted.
Porter Company purchases inventory for $29,000 with terms 2/10, n/30. It then returns $3,900 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $290. The company pays the amount due within the discount period. What is the amount of the discount that will be taken? [Show Less]