uring the current year, Peach Industries' reports sales of $184,000 and an average Odays. The inventory balance is $11,000 at the beginning of the year and $13,000 e year. What is Peach's gross margin percentage? Round to one decimal point. 42.8% 44.5% 47.6% 2.4% 3.2%

uring the current year, Peach Industries' reports sales of $184,000 and an average Odays. The inventory balance is $11,000 at the beginning of the year and $13,000 e year. What is Peach's gross margin percentage? Round to one decimal point. 42.8% 44.5% 47.6% 2.4% 3.2%

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

See similar textbooks

Related questions

Q: Assume that prior to period-end adjustments, Latonya Company reported Cost of Goods Sold of $15,000,…

A: A sort of financial statement called an income statement breaks down a company's gains and losses.…

Q: Third Party Payer Lock-in programs can use restrictions when their clients attempt to fill…

A: Third-party payer lock-in programs are designed to help control rising health care costs associated…

Q: A decentralized organization will have various responsibility centers including revenue centers,…

A: Revenue centers are the departments or centers which are responsible for the generation of revenue.…

Q: B alvaro company sells magazines by subscription for ₱15 per copy. Duringthe year 47,200 two year…

A: Please fallow the answer below

Q: The costs incurred for Job A are: Total labor and overhead $37,225 Total other direct costs $10,775…

A: Bid price is the optimal price at which a job should be accepted. It is the price decided by the…

Q: Identify whether the corporations described below are controlled foreign corporations. Required: a.…

A: United States Shareholder: As defined in section 957(c), the term “United States shareholder” means,…

Q: Explain briefly the following terms: Discrete and continuous units Equivalent units Scrap Batch…

A: Discrete units: A discrete unit is a distinct, individual item or unit that is easily identifiable…

Q: Aliy, Bob, and Casily are parts with expital balance of $100,000, S60,000 and $80,000 and who share…

A: In Bonus method when new partner enters in the partnership than contribution made by the new partner…

Q: Using the least aggregate deferral method, what year should the partnership adopt?

A: A least aggregate deferral method is the method which is used by the partnership so that the tax…

Q: You owe $3572.75 in 147 days and have decided to pay off your loan early Your interest rate is…

A: The loan can be paid either in installments or in a lump sum amount. The loan can be paid before the…

Q: QUESTION 39 Which of the following companies is dissolved on the death of any of the partners? OaA…

A: According to Bartleby Guidelines, subject matter experts are allowed to answer only 1 question.…

Q: a. What EPS presentation is required-basic, diluted, or both? b. Compute the required EPS amount(s).…

A: Formula to Calculate EPS: = Earnings available to common stock holders (÷) Weighted Average no.of…

Q: In total how much did it cost the company to buy back its own shares of stock how much did the…

A: The treasury stock includes the own shares of the company that are purchased from the shareholders…

Q: Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement…

A: Cash flow statement is the financial statement that records the cash inflow and cash outflow…

Q: A zero-coupon bond has a face value of $1,000, 30 years until maturity, and a yield- to-maturity of…

A: Time Value Of Money :— According to this concept, value of money in present day is greater than the…

Q: and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the…

A: In case of issue of common stock in exchange for asset, then assets acquired are to be debited at…

Q: A coal mine cost $1,002,000. It is estimated to hold 56,000 tons of coal. There is no residual value…

A: Depletion expense is used for natural resources like mining, oil and gas industries, timber. When…

Q: Waco Leather Incorporated, a U.S. corporation, reported total taxable income of $5.05 million.…

A: The amount of foreign income taxes that the taxpayer has paid or is assumed to have paid is equal to…

Q: 24. Lense Laboratories' net income was $250,000. Given the account information below, what is the…

A: The correct answer is: (C) $312,000 Net profit for the year $250,000 Less: Increase in accounts…

Q: Viva sells its waterproof phone case for $85 per unit. Fixed costs total $102,000, and variable…

A: The contribution margin is calculated as difference between sales and variable costs. The…

Q: Depreciation by Units-of-activity Method Prior to adjustment at the end of the year, the balance in…

A: Lets understand the basics. Depreciation is reduction in value of asset due to wear and tear,…

Q: The partnership started its business on January 1, 2021,calendar year. Partner Beta had a beginning…

A: DISTRIBUTEION OF PARTNERSHIP INCOME The profits and losses of the firm are allocated among the…

Q: What are decisions where relevant cost analysis might be used effectively, along with a description…

A: Decision 1: Make or Buy Decision A make or buy decision is a decision where a company must decide…

Q: PR 4-1A Financial statements and closing Lamp Light Company maintains and repairs warning ligh radio…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Mallard Corporation uses the product cost method of product pricing. Below is cost information for…

A: The product costs comprises of all the direct and indirect costs incurred during the production…

Q: Consider a firm with an annual net income of $20 million, revenue of $60 million and cost of goods…

A: Lets understand the basics. Inventory turnover ratio indicates how entity is efficient to convert…

Q: The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal…

A: Current and quick ratio are the measures which help the entity to measure its liquidity position.…

Q: urrand Corporation's accumulated depreciation increased by $12,767, while patents decreased by…

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Q: Astor Industries plans to automate its production process. The new equipment will cost $460,000 and…

A: NET PRESENT VALUE Net Present Value is one of the Important Capital Budgeting Technique. Net…

Q: BMI's East Division has a cost of capital of 20 percent. Selected financial information for the…

A: 1. EXPENSE IN ONE YEAR = $600,000 / 3 = $200,0002. ADJUSTED PROFIT = $340,000 + $200,000 = $540,000…

Q: 8% has mature December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield…

A: Bonds are said to be issued at discount when the contract rate or stated interest rate is less than…

Q: 139. On January 1st, 20x12, ABC Inc. agrees to a futures contract to buy 1,000 shares of DEF Inc.…

A: Accounting for Derivative Instrument Future is a derivative which is contract and value which is…

Q: 15. Accrual accounting adheres to which of the following principles? a. Matching principle b.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: • Calculate Rudolph's inventory turnover at December 31, 2002. • Calculate the number of days' sales…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Sarah is an agent of company (IMP), and she signed a contract on behalf of company (IMP), but in her…

A: Every business wants to increase its market. To fulfill this dream company appoints an agent and…

Q: The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10,…

A: Accounts receivable turnover represents the efficiency of the entity in collecting its debts from…

Q: Instructions Journalize the transactions.

A: Petty cash fund is a fund of small amount a company maintain on hand to pay for its small business…

Q: Jean and Dan both work. Each earns a salary of $46,000, but only Jean is a member of a registered…

A: A retirement savings plan, or RRSP, is one that you create, which we then register, and to which…

Q: Bruce Corporation makes four products in a single facility. These products have the following une…

A: Contribution Margin=Selling Price-Variable Costs

Q: Oak Canon produces and sells 13,900 units of Product X each month. The selling price of Product X is…

A: Income can be calculated by deducting the variable cost and fixed cost from the sales revenue. The…

Q: ! Required information [The following information applies to the questions displayed below.]…

A: EARNING PER SHARE Earnings per share is the monetary value of earnings per outstanding share of…

Q: concept of relevant cost

A: In management accounting, the phrase "relevant cost" refers to avoidable expenses that are only…

Q: Didzo took a loan of $14 600 on January 10, 2013 at a rate of 9.25%. He repaid the loan on June 4,…

A: 1. LOAN AMOUNT : = $14,6002. NO OF DAYS FOR WHICH LOAN TAKEN : = 145 DAYS (FROM JANUARY 10 TO JUNE…

Q: Riverbend Semiconductor Corporation (RSC) is an Arizona corporation engaged in the manufacture and…

A: Expense can be apportioned on a reasonable basis which can be location wise, product wise. We can…

Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…

A: Ending inventory is the amount of inventory in hand at the end of the period. It is reported in the…

Q: Joshua and Ryan are partners in Minimal Resources. Minimal Resources should report information…

A: The qualifying business income, or QBI, is the net amount of qualified items of income, gain,…

Q: Question 3: As at 31 May 20X1 and 31 May 20X2 Castle ple had the following summarised figures…

A: A cash flow statement is defined as one of the financial statements that shows the flow of cash…

Q: Comparitive balance sheet of Hillard Co. as of Dec 31, Assets 2020 2021 Cash Accounts Receivable…

A: A cash flow statement indicates cash inflow and cash outflow information for a particular time…

Q: ou must negotiate virtually with a vendor in another country. The client relationship is sensitive…

A: Explanation : To negotiate virtually with a vendor in another country it’s better to choose email as…

Q: 1 Name: 2 Your score: 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30…

A: INCOME STATEMENT Income statement is one of the Important Financial Statement of the Company &…

Question

100%

During the current year, Peach Industries' reports sales of $184,000 and an average sale period of
50 days. The inventory balance is $11,000 at the beginning of the year and $13,000 at the end of
the year. What is Peach's gross margin percentage? Round to one decimal point.
O 42.8%
O 44.5%
O 47.6%
O 52.4%
56.2%

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Financial statement data for years ending December 31 for Holland Company follow: a. Determine the inventory turnover for 20Y4 and 20Y3. b. Determine the days sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable trend?
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Financial statement data for years ending December 31 for Tango Company follow: a. Determine the inventory turnover for 20Y7 and 20Y6. b. Determine the days sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. c. Does the change in inventory turnover and the days sales in inventory from 20Y6 to 20Y7 indicate a favorable or an unfavorable trend?
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise inventory was $35,000, and the ending merchandise inventory was $45,000. Determine Maestro’s inventory turnover for the year. Round to the nearest hundredth. 6.57 times per year 5.75 times per year 5.11 times per year 17.39 times per year