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