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Home / Questions / Given the information in the table below what is the company’s gross profit

Given the information in the table below what is the company’s gross profit

Given the information in the table below, what is the company’s gross profit?

Sales revenue

$350,000

Accounts receivable

$280,000

Ending inventory

$230,000

Cost of goods sold

$180,000

Sales returns

$50,000

Sales discount

$20,000

 

a. $280,000.

b. $170,000.

c. $50,000.

d. $100,000.

 

 

53. LeGrand Corporation reported the following amounts in its income statement:

 

Sales revenue$440,000

Advertising expense    60,000

Interest expense      10,000

Salaries expense      55,000

Utilities expense      25,000

Income tax expense        45,000

Cost of goods sold  180,000

 

What was LeGrand’s gross profit?

a. $260,000.

b. $180,000.

c. $220,000.

d. $120,000.

 

 

54. LeGrand Corporation reported the following amounts in its income statement:

 

Sales revenue$440,000

Advertising expense    60,000

Interest expense      10,000

Salaries expense      55,000

Utilities expense      25,000

Income tax expense        45,000

Cost of goods sold  180,000

 

What was LeGrand’s operating income?

a. $120,000.

b. $260,000.

c. $110,000.

d. $65,000.

 

 

55. LeGrand Corporation reported the following amounts in its income statement:

 

Sales revenue$440,000

Advertising expense    60,000

Interest expense      10,000

Salaries expense      55,000

Utilities expense      25,000

Income tax expense        45,000

Cost of goods sold  180,000

 

What was LeGrand’s net income?

a. $120,000.

b. $60,000.

c. $110,000.

d. $65,000.

 

 

56. Wildwood, an outdoors clothing store, reports the following information for June:

 

Sales revenue

$104,000

 

Income tax expense

$11,000

Operating expenses

22,000

 

Cost of goods sold

65,000

Unearned revenues

$15,000

 

Nonoperating revenues

12,000

 

What is Wildwood’s gross profit for June?

a. $18,000.

b. $39,000.

c. $104,000.

d. $17,000.

 

 

57. The following information relates to inventory for Shoeless Joe Inc.

Date

 

Quantity

Price

March 1

Beginning Inventory

20

$2

March 7

Purchase

15

3

March 11

Sale

25

7

March 12

Purchase

20

4

At what amount would Shoeless report gross profit using LIFO cost flow assumptions?

a. $105.

b. $80.

c. $175.

d. $120.

 

 

58. The following information relates to inventory for Shoeless Joe Inc.

Date

 

Quantity

Price

March 1

Beginning Inventory

20

$2

March 7

Purchase

15

3

March 11

Sale

25

7

March 12

Purchase

20

4

At what amount would Shoeless report ending inventory using FIFO cost flow assumptions?

a. $55.

b. $170.

c. $110.

d. $70.

 

 

59. The following information relates to inventory for Shoeless Joe Inc.

Date

 

Quantity

Price

March 1

Beginning Inventory

20

$2

March 7

Purchase

15

  3

March 11

Sale

30

  7

March 12

Purchase

15

  6

At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar)

a. $110.

b. $73.

c. $70.

d. $105.

 

 

60. Inventory records for Dunbar Incorporated revealed the following:

 

Date

Transaction

 

Number

of Units

 

Unit

Cost

Apr. 1

Beginning inventory

 

500

 

$2.40

Apr. 20

Purchase

 

400

 

  2.50

 

Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be:

a. $500.

b. $490.

c. $470.

d. $480.

 

 

61. Inventory records for Dunbar Incorporated revealed the following:

 

Date

Transaction

 

Number

of Units

 

Unit

Cost

Apr. 1

Beginning inventory

 

500

 

$2.40

Apr. 20

Purchase

 

400

 

  2.50

 

Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be:

a. $1,730.

b. $1,700.

c. $1,720.

d. $1,710.

 

Jan 27 2020 View more View Less

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