Gross Profit and Retail Method

Gross Profit and Retail Method

University

11 Qs

quiz-placeholder

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Gross Profit and Retail Method

Gross Profit and Retail Method

Assessment

Quiz

Business

University

Hard

Created by

John Servidad

Used 22+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Media Image

Difficult. On Dec. 31, a physical inventory revealed that the ending inventory was only P100,000. IVE’s gross profit on net sales has remained constant at 40% in recent years. The company suspects that some inventory may have been stolen. At Dec. 31, how much is the estimated missing inventory?

P26,000

P30,000

P28,000

P32,000

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

What is the cost of goods available for sale?

28,000,000

31,000,000

33,000,000

29,500,000

30,500,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

What is the cost of goods sold?

21,900,000

22,200,000

21,300,000

24,000,000

1,200,000

4.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Media Image

What is the estimated cost of inventory shortage?

21,900,000

22,200,000

21,300,000

24,000,000

1,200,000

5.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Media Image

What is the inventory on December 31, 2014?

2,370,000

2,025,000

2,505,000

2,730,000

6.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Media Image

The gross margin is 40% of sales. What is the cost of goods available for sale?

1,680,000

1,920,000

2,400,000

2,440,000

7.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Media Image

What is the gross profit rate on cost for the current year?

25 percent

33 1/3 percent

75 percent

66 2/3 percent

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