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1.On January 1, JKR Shop had $ 225,000 of inventory at cost. In the first quarter of the year, it purchased $ 795,000 of merchandise, returned $ 11,550, and paid freight charges of $ 18,800 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 30%, and the store had $ 1,000,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter.
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Avitar Corporation manufactures the line of computer memory expansion boards employed in microcomputers. The average selling price of its finished product is $175 per unit. The variable cost for these same units is $115. Avitar incurs fixed costs ..
Prepare a classified balance sheet (report form)
According to Martin and Steele (2010, p.13), "The two principal professional associations in Australia - CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significanc..
Purchased suitcases on account for $1,900 from Holiday Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.
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Suppose that the managers of hospital are setting the price on new outpatient service. Here are relevant data estimates:
From its financial statement notes, identify the titles and amounts of its inventory components.
good earth products produces orange juice and candied orange peels. a 1000 pound batch of oranges costing 500 is
Near end of 2011, the management of Simid Sports Co., merchandising company, prepared the following estimated balance sheet for December 31, 2011: Simid Sports' single product is bought for $30 per unit and resold for $60 per unit.
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