bus 212 week 4 quiz

Tee Corp had beginning inventory of $28,000 and ending inventory of $31,000. Its net sales were $153,000 and net purchases were $71,000. Cost of goods sold for the period was $68,000. What is Tee's gross profit percentage (rounded to the nearest whole percentage)

56%

A company's beginning inventory is $150,000, its net purchases are $230,000, and its net sales total $440,000. Its normal gross profit percentage is 30% of sales. Using the gross profit method, how much is ending inventory?

72,000

Clifford Corp had beginning inventory of $32,000 and ending inventory of $33,000. It's net sales were $153,000 and net purchases were $78,000. Clifford's gross profit for the period is

76,000

eagle corp had beginning inventory of 18,000 and ending inventory of 21,000. Its net sales were 178,000 and net purchases were 85,000. Eagle's cost of good sold for the period is:

82,000

how is cost of goods sold classified in the financial statements?

as an expense

which inventory system maintains a running record of inventory on hand, purchased and sold?

perpetual