Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1 the june 1 inventory of the kaufman company had

1 The June 1 inventory of the Kaufman Company had a cost of $2,800 and...

60.1K

Verified Solution

Question

Accounting

image
1 The June 1 inventory of the Kaufman Company had a cost of $2,800 and a retall value of $23,000. During June, merchandise was purchased for $35,000 and marked to sell for $61,000. June sales totaled $48,000. Use the retail method to compute the answers to the following questions. 1. What is the retail value of the ending inventory as of June 30? 2. What is the approximate cost of the ending inventory? 3. What is the cost of goods sold during June? 1. Retail value 2. Approximate cost 3. Cost of goods sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016:...The...

Accounting
Q

Find f 1)f”(x)=-2+12x-12x(Square), f’(0)=12 F(x)=? 2)Find a function f such that f’(x)=5x cube and the line 5x+y=0 is the...

Basic Math
Q

1. Kingda Ka is one of Six Flags famous roller coasters. It does not have a...

Physics
Q

How do you explain the fact that the various nomadic empires, and particularly the Mongol Empire,...

Psychology
Q

A dietician is planning a snack package of fruit and nuts. Each ounce of fruit will...

Advance Math
Q

7 1 point Calculate the surface area of this right triangular prism to the nearest...

Basic Math
Q

h is the contrapositive of the statement below If you do your homework then you...

Basic Math
Q

Paul, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has...

Accounting
Q

If 10.000 units are sold, the variable cost per unit sold is closest to: Multiple...

Accounting
Q

Carson Corporation's sales increase from $500,000 to $600,000 in the current year. What is the...

Accounting
Q

A five-year note for $2300 issued on November 1,2016, with interest at 5% compounded annually...

Accounting
Q

Cherokee Incorporated is a merchandiser that provided the following information: 1. Prepare a traditional income...

Accounting