During the year, Darla's Pet Shop's merchandise inventory decreased by P20,000. If the company's cost of goods sold for the year was P300,000, purchases must have been *
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- During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the end of the year but old stock brought forward from last year's purchases was P10,000. Cost of sales wasDuring the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answerYang & Min Inc. is a retailer of contemporary furniture. You are told that Yang & Min’s ending inventory is $200,000 and its cost of goods sold is $500,000. Yang & Min had $100,000 of inven-tory at the beginning of the year. What was the dollar amount of goods purchased by Yang & Min during the year?
- Show the solution in good accounting form The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account allowance for overvaluation of branch inventory, after adjustment, shows a balance of P25,000 at the end of the year. Compute the amountof ending inventory at: a. Cost and b. Billed PriceThe task I am struggling with: A large catalog retailer of fashion apparel reported $100 000 000 inrevenues over the last year. On average, over the same year the company had $5 000 000 worth of inventory in their warehouses. Assume that units in inventory are valued based on cost of goods sold (COGS) and that the retailer has a 100% markup on all products.a) How many times each year does the retailer turn its inventory. The company uses a 40% per year cost of inventory. That is for the hypothetical case that one item of $100 COGS would sit exactly one year in inventory, the company charges itself a $40 inventory cost.b) What is the inventory cost for a $30 (COGS) item? You may assume that inventory turns are independent of the price. Thank you very much for your help.Wal-Get Company sells apparel (clothing) to retail customers. Historical results show that about 10% of daily sales will be returned for a full refund. The ratio of cost of goods sold to sales is 70% (on average). On December 15, 2023, Wal-Get sold $5,000,000 of apparel products. The accounting system has appropriately recorded the sales and cash received and the decrease in inventory and increase in cost of sales for December 15. Calculate the estimated inventory return asset relative to December 15 sales.
- Blossom Inc. is a cell phone wholesaler. At the beginning of the year, it purchased 1320 units of the most recent android phone for $500 each. The selling price during the year was $700 per unit. At year end, it had 320 units on hand. Due to changes in technology, the selling price will have to be reduced by 35% in order to sell the remaining phones. What is the inventory value of the android phones at the end of the period? O $160000 O $145600 O $104000 O $56000A retailer ordered merchandise totaling $127,115.23 with terms 3.5% 10 net 40. What is the effective rate of return? (Simplify your answer completely. Assume there are 365 days in a year. Round your answer to one decimal place.)Rebecca owns a health food store. In March, sales were $134,000. In April, sales were $120,660. What was the rate of change? O 10.0% decrease O 10.0% increase O90.0% decrease O90.0% increase
- Corey's Campus Store has P50,000 of inventory on hand at the beginning of the month. During the month, the company buys P80,000 of merchandise and sells merchandise that had a cost of P30,000. How much is the unsold inventory? Show your solution.The store did $10,000 in sales last year, on Saturday. This year did $12,000 in sales, on Sat. What was the percentage change? A) 12% B) 120% C) $2,000 D) 20%Dulaney's Stores has posted the following yearly earnings and expenses. Click the icon to view the yearly data. a. Dulaney's current profit margin is%. (Enter your response rounded to one decimal place.) More Info Earnings and Expenses (Year Ending January 2012) $30,000,000 $25,000,000 $2,730,000 Sales Cost of goods sold (COGS) Pretax earnings Selected Balance Sheet Items Merchandise Inventory Total assets $1,365,000 $9,000,000 X