What was the gross profit

Assignment Help Accounting Basics

Reference no: EM132091289

Question: Preparing Journal Entries for Purchases and Sales Using a Perpetual Inventory System Inventory at the beginning of the year cost $13,400. During the year, the company purchased (on account) inventory costing $54,000. Inventory that had cost $60,000 was sold on account for $75,000. At the end of the year, inventory was counted and its cost was determined to be $7,400.

(a) Prepare journal entries to record these transactions, assuming a perpetual inventory system is used.

(b) What was the gross profit?

Reference no: EM132091289

Questions Cloud

Create an overview of the process : Create an overview of the process and steps involved in human resource planning, recruiting, interviewing, selecting, and hiring of employees.

Prepare journal entries to record the given transactions : Preparing Journal Entries for Credit Card Sales Credit card sales were $8,000 (credit card fee 3 percent). The goods sold had cost the company $3,500.

Calculate the number of sticks that were sold during june : Suppose that on June 1, Slapshot had 5,300 units in finished goods inventory costing $160,000, Calculate the number of sticks that were sold during June

Sufferers of reynaud syndrome a lower heat : Do sufferers of Reynaud's syndrome a lower heat output than non-sufferer?

What was the gross profit : Preparing Journal Entries for Purchases and Sales Using a Perpetual Inventory System Inventory at the beginning of the year cost $13,400.

What amount will be reported on the income statement : Reporting Net Sales and Gross Profit with Sales Discounts Using the information in problem below, what amount will be reported on the income statement.

Prepare journal entries to record sales discounts inventory : Journal Entries to Record Sales Discounts Inventory that cost $500 is sold for $700, with terms of 2/10, n/30. Give the journal entries to record.

How much will be allocated to the job : Actual manufacturing overhead for 2013 was $1,075,000. If Job #457 uses 300 machine hours, how much will be allocated to the job

Prepare a multistep income statement : Computing and Interpreting the Gross Profit Percentage Using the information in problem below, calculate the gross profit percentage for 2010.

User Account

All Pages