1

QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July...

Question

QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July...

QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, ShelQUESTION 26 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st. During July, SheQUESTION 27 Fede Company entered into the following business events during its first month of operations. The company uses th

QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash. 25. Under a LIFO valuation method, what is the dollar value of Sheldon Co.'s cost of goods sold for July? A. $ 18,275 B.$ 23,275 C.$ 21,400 $ 44,400
QUESTION 26 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st. During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash. 10th - The 26. Under a LIFO valuation method, what is the dollar value of Sheldon Co.'s ending inventory balance at July 31st? A. $ 23,275 B.$ 17,375 C.$ 3,750 OD.S 5,625
QUESTION 27 Fede Company entered into the following business events during its first month of operations. The company uses the perpetual inventory system. The company purchased $12,500 of merchandise on account under terms 2/10, n/30. The company returned $1,200 of merchandise to the supplier before payment was made. The liability was paid within the discount period. All of the merchandise purchased was sold for $18,800 cash. 27. What is the gross margin that results from these four transactions? A. $7,726 B. $6,525 C.$11,074 D.$5,100

Answers

Answer 25:

B. $ 23,275

Answer 26:

C. $ 3,750

Explanation:

Date Particulars Purchases Cost of goods sold Closing Inventory
Units Cost per unit Amount ($) Units Cost per unit Amount ($) Units Cost per unit Amount ($)
Jul-01 Balance 2,000 5.00 10,000
Jul-03 Purchases 1,000 6.50 6,500
Jul-10 Purchases 1,200 7.00 8,400
Jul-24 Purchases 250 8.50 2,125
Sales 250 8.50            2,125
1,200 7.00            8,400
1,000 6.50            6,500
1,250 5.00            6,250 750 5 3,750
Total          23,275

Answer 27:

A. $ 7,726

Explanation: Gross margin is sales less net purchases

Calculation:

Gross Purchases: $ 12,500

Purchase Return = $ 1,200

Net purchases - $ 12,500 - $ 1,200 = $ 11,300

Discount to be received = $ 11,300 x 2% = $ 226

Net payment to be made = $ 11,300 - $ 226 = $ 11,074

Thus, net purchases = $ 11,074

Gross Margin = $ 18,800 - $ 11,074 = $ 7,726


Similar Solved Questions

1 answers
Moving to another question will save this response. Question 4 What amount comes closest to the...
Moving to another question will save this response. Question 4 What amount comes closest to the value in 20 years of investing $100 today if the interest rate is 6%? O a $ 265 b. $ 321 e c. $ 181 d. $ 219 e. $ 387 Moving to another question will save this response...
1 answers
What is the DeBroglie wavelength of an antineutrino with a kinetic energy of 1.8 MeV? Take...
What is the DeBroglie wavelength of an antineutrino with a kinetic energy of 1.8 MeV? Take the mass of the antineutrino to be 4.99E-37 kg. O 1.75 nm 2.88E-4 nm 5.36E-16 nm 8.45E-12 nm 1.24 nm...
1 answers
Crohn's Disease ( please answer every box including safety considerations. there are 14 boxes ) ACTIVE...
Crohn's Disease ( please answer every box including safety considerations. there are 14 boxes ) ACTIVE LEARNING TEMPLATE System Disorder STUDENT NAME DISORDER/DISEASE PROCESS REVIEW MODULE CHAPTER Alterations in Health (Diagnosis) Pathophysiology Related to Client Problem Health Promotion and D...
2 answers
How do you solve the proportion #5/12=x/36#?
How do you solve the proportion #5/12=x/36#?...
1 answers
1 Week 2-Discussion Activities Hospitals, nursing homes, and other patient care facilities require an effective cleaning...
1 Week 2-Discussion Activities Hospitals, nursing homes, and other patient care facilities require an effective cleaning and disinfection program to maintain aseptic conditions and prevent microbial contamination and infection control problems. The qualification of a chemical disinfectant to be used...
1 answers
You are caring for a patient admitted to the hospital for an acute myocardial infarction three...
You are caring for a patient admitted to the hospital for an acute myocardial infarction three days ago. The patient is a 58 year old male with a history of hypertension and obesity. Prior to his admission he was taking Hydrochlorothiazide 50 mg po daily with adequate control of his BP. He will be d...
1 answers
26. Express the sum of 13 + 23 + 33 + ... +83 in summation notation.
26. Express the sum of 13 + 23 + 33 + ... +83 in summation notation....
1 answers
Current Attempt in Progress On July 1, 2017, Pharoah Company pays $15.000 to Blossom Company for...
Current Attempt in Progress On July 1, 2017, Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract. Both companies have fiscal years ending December 31 Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company, Blossom uses the accounts Unear...
1 answers
5- In a national park in Texas, vehicles begin to arrive at a parking lot at...
5- In a national park in Texas, vehicles begin to arrive at a parking lot at 7:30 A.M. with arrival rate function (in vehicles per minute) of (t) = 4 - 0.02t, where t is in minutes. 7:40 A.M. the parking lot opens and processes vehicles at a rate of 10 per minute. a) (7%) What is the average delay p...
1 answers
Diagnosis: Hydrocephalus A.provide pathophysiology related to client problem: B. provide health promotion and disease prevention C....
diagnosis: Hydrocephalus A.provide pathophysiology related to client problem: B. provide health promotion and disease prevention C. risk factor d. expected findings e. safety consideration f. nursing care g. medication h. therapeutic procedure I. interprofessional care j. complication...
1 answers
2. Suppose that two people live in Traverse City, Michigan Bert and Ernie. In the winter,...
2. Suppose that two people live in Traverse City, Michigan Bert and Ernie. In the winter, the snow is so heavy and frequent that the city is considering adding heating elements under the sidewalk to melt the snow on the sidewalks in order to make them passable. This affects all of the residents. The...
1 answers
How to find the general solution of #x dy/dx = -y^2# ?
How to find the general solution of #x dy/dx = -y^2# ?...
1 answers
A Review Constants Periodic Table Part A A car with a total mass of 1500 kg...
A Review Constants Periodic Table Part A A car with a total mass of 1500 kg (including passengers) is driving down a washboard road with bumps spaced 6.0 m apart. The ride is roughest- that is, the car bounces up and down with the maximum amplitude-when the car is traveling at 6.4 m/s For the steps ...
1 answers
How do you find the GCF of #60x ^ { 2} + 30x + 10#?
How do you find the GCF of #60x ^ { 2} + 30x + 10#?...
1 answers
Chapter 02, Problem 001 During a hard sneeze, your eyes might shut for 0.56 s. If...
Chapter 02, Problem 001 During a hard sneeze, your eyes might shut for 0.56 s. If you are driving a car at 75 km/h during such a sneeze, how far does the car move during that time? the tolerance is +/-2% We were unable to transcribe this imageWe were unable to transcribe this image...
1 answers
13. (3pts) An engineer wishes to investigate the effect of adhesive type, conductor material, cure time,...
13. (3pts) An engineer wishes to investigate the effect of adhesive type, conductor material, cure time, and types ot post coatings on bond strength when mounting an integrated circuit (IC) on a certain substrate. Two adhesive types, two conductor materials, three cure times, and four types of IC po...
1 answers
Vp Patio tend to undergo positron emission. Question 5 What is the crystal field energy level...
Vp Patio tend to undergo positron emission. Question 5 What is the crystal field energy level diagram for the complex (Co(CN)613-? ad, dda 분 송순 스는 du du do (0) E (II) (IV) O I and IV only OIV only Oll only 0 Tonly Il and Ill only...
1 answers
On your wedding day you leave for the church 33.0 minutes before the ceremony is to...
On your wedding day you leave for the church 33.0 minutes before the ceremony is to begin, which should be plenty of time since the church is only 11.0 miles away. On the way, however, you have to make an unanticipated stop for construction work on the road. As a result, your average speed for the f...

-- 0.041340--