BA20 1.03

The Daisy Company wants to determine the gross profit for the past quarter. Per the general ledger, sales are equal to $152,000, beginning inventory is equal to $67,330, net purchases are equal to $87,800, and estimated ending inventory has been calculated to be $83,650. Based on this information, what is the gross profit for the Daisy Company?

• 63180
• 71480
• 80520
• 88820

Jones Department Store has two divisions\: the Men's Department and the Women's Department. The accountant is preparing interim reports for the company and is currently working on completing a worksheet. The Men's Department columns show a debit total of $435,809 and a credit total of $387,991. The Women's Department columns show a debit total of $375,200 and a credit total of $410,700. Based on this information, what is the departmental margin for the Men's Department?

• $35,500 net income
• $47,818 net income
• $35,500 net loss
• $47,818 net loss

Cole’s Custom Designs offers custom skateboards and skateboard gear for sale. Alice is the accountant for the company, and she is currently preparing the Departmental Margin statements. Based on the information provided, what is the Merchandise Available for Sale for the Skateboards Division?

• 7290
• 8700
• 8800
• 15500

The Peterson's Piano Company would like to determine Cost of Goods Sold for the past quarter. Per the general ledger, sales are equal to $2,312,350, beginning inventory is equal to $952,000, net purchases are equal to $875,200, and estimated ending inventory has been calculated to be $783,650. Based on this information, what is the Peterson's Piano Company's Cost of Goods Sold?

• 706850
• 860450
• 863650
• 1043550

The accountant for the Eckland Company is preparing a Statement of Gross Profit with Component Percentages. Based on the information provided, what is the component percentage for the Cost of Merchandise Sold for the Clothing Division?

• 0.4
• 0.46
• 0.47
• 0.53

Jones Department Store has two divisions\: the Men's Department and the Women's Department. The accountant is preparing interim reports for the company and is currently working on completing the worksheet. The Men's Department columns show a debit total of $435,809 and a credit total of $387,991. The Women's Department columns show a debit total of $375,200 and a credit total of $410,700. Based on this information, what is the departmental margin for the Women's Department?

• $35,500 net income
• $47,818 net income
• $35,500 net loss
• $47,818 net loss

The HomeMax Company needs to estimate ending inventory for interim financial statements. The following information is available\: beginning inventory at cost, $67,000, at retail, $135,000, net purchases at cost, $35,500, at retail, $70,000, retail sales to date, $135,500. Based on this information, what is the estimated ending inventory using the retail method?

• 35500
• 35000
• 34750
• 27750

Peterson's Piano Company would like to determine the gross profit for the past quarter. Per the general ledger, sales are equal to $2,312,350, beginning inventory is equal to $952,000, net purchases are equal to $875,200, and estimated ending inventory has been calculated to be $783,650. Based on this information, what is Peterson's Piano Company's gross profit?

• 860450
• 1043550
• 1268800
• 1271900

Cole’s Custom Designs offers custom skateboards and skateboard gear for sale. Alice is the accountant for the company, and she is currently preparing the Departmental Margin statements. Based on this information, what is the Cost of Merchandise Sold the Skateboards Division?

• 7290
• 8700
• 8800
• 15500

The Rockin' Records Music store needs to estimate ending inventory for interim financial statements. The following information is available\: sales, $93,000, beginning inventory, $45,250, net purchases, $28,000, and gross profit 48%. Based on this information, what is the estimated ending inventory using the gross profit method?

• 21720
• 24890
• 48360
• 73250