Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please explain answers. thanks! presented below is

Please explain answers. Thanks! Presented below is information related to Sarasota Corporation for the current year. Beginning inventory $...

60.1K

Verified Solution

Question

Accounting

Please explain answers. Thanks!

Presented below is information related to Sarasota Corporationfor the current year.

Beginning inventory$ 608,100
Purchases1,487,500
Total goods available for sale$2,095,600
Sales revenue2,495,000


Compute the ending inventory, assuming that (a) gross profit is 45%of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%of sales, and (d) gross profit is 25% of cost. (Roundratios for computational purposes to 1 decimal place, e.g. 78.7%and final answers to 0 decimal places, e.g.28,987.)

Ending Inventory

(a)Gross profit is 45% of sales$
(b)Gross profit is 60% of cost$
(c)Gross profit is 33% of sales$
(d)Gross profit is 25% of cost$

Answer & Explanation Solved by verified expert
3.9 Ratings (708 Votes)
    See Answer
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Financial statement disclosuresYou are the financial accountant for Superstore Ltd, and are inthe process...Financial...

Physics
1.2K views

4 A rigid body is made of three identical thin rods each of length L...

Statistics
1.2K views

A quality control manager randomly selects 40 bottles of vinegar that were filled on January...

Calculus
1.2K views

Two children are throwing a ball back and forth straight across the back seat of...

Algebra
1.2K views

y 3 8 x 5 x 3 9 8 7 6 5 4 3 2...

Accounting
1.2K views

Part B-August Budgets During July of the current year, the management of Genuine...

Accounting
1.2K views

Dahlia is in the 32 percent tax rate bracket and has purchased the following shares...

Accounting
1.2K views

A: Determine the net income for July using the cash basis of accounting. Could...

Accounting
1.2K views

1 Exercise 9-3A (Algo) Horizontal and vertical analysis LO 9-1 8 points Income statements for...

Accounting
1.2K views

The car that Erin bought from Sean isnt in great shape and will require annual...

Accounting
1.2K views

Sanchez & Ryan, Inc, sells a single product. This year, 20,000 units were sold resulting...

Finance
1.2K views

GAZ COMPANY PAID DIVIDENDS LAST FOUR YEARS AS FOLLOWS YEAR DIVIDENDS 1 1.2 2 2.7...