Question
The following information pertains to two competitors, Mostly Inc. and Hardly Ltd. Company Beginning Inventory Ending...
The following information pertains to two competitors, Mostly
Inc. and Hardly Ltd.
| Company | Beginning Inventory | Ending Inventory | Cost of Goods Sold | |||
| Mostly Inc. | $164,000 | $235,000 | $859,604 | |||
| Hardly Ltd. | $593,000 | $645,000 | $1,871,324 |
Mostly Inc. reported sales revenues of $1,382,000 and Hardly Ltd.
reported sales revenues of $2,716,000.
Calculate the gross margin and gross margin ratio for Mostly and
Hardly.
| Mostly Inc. | Hardly Ltd. | |||||
| Gross margin | $ | $ | ||||
| Gross margin ratio | % | % | ||||
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
The following information pertains to two competitors, Mostly Inc. and Hardly Ltd. Company Beginning Inventory Ending...
The following information pertains to two competitors, Mostly
Inc. and Hardly Ltd.
Company
Beginning
Inventory
Ending
Inventory
Cost of Goods
Sold
Mostly Inc.
$164,000
$235,000
$859,604
Hardly Ltd.
$593,000
$645,000
$1,871,324
Mostly Inc. reported sales revenues of $1,382,000 and Hardly Ltd.
reported sales revenues of $2,716,000.
(a)
Calculate the inventory turnover ratio for Mostly and
Hardly.
Mostly
Inc.
Hardly
Ltd.
Inventory turnover ratio
times
times
The following information pertains to two competitors, Superior Inc. and Michigan Corp. Company Beginning Inventory Ending...
The following information pertains to two competitors, Superior
Inc. and Michigan Corp.
Company
Beginning Inventory
Ending Inventory
Cost of Goods Sold
Superior Inc.
$172,000
$144,000
$1,237,626
Michigan Corp.
$425,000
$453,000
$2,267,304
Superior Inc. reported sales revenues of $1,599,000, and Michigan
Corp. reported sales revenue of $3,354,000.
a. Calculate the inventory turnover ratio for Superior and
Michigan. (Round answers to 1 decimal place, e.g.
10.5.)
Superior Inc.
Michigan Corp.
Inventory turnover ratio
times
times
b. Calculate the gross margin and...
Haywood Inc. reported the following information for 2019: Beginning inventory $25,000 Ending inventory 50,000 Sales revenue...
Haywood Inc. reported the following information for 2019:
Beginning inventory $25,000
Ending inventory 50,000
Sales revenue 1,000,000
Cost of goods sales 620,000
A physical count of inventory at the end of the year showed that
ending inventory was actually $65,000
Required:
1. What is the correct cost of goods sold and gross profit for
2019?
2. Assuming the error was not corrected, what is the effect on
the balance sheet at December 31, 2019? At December 31, 2020?
On March 31 a company needed to estimate its ending inventory to prepare its first quarter...
On March 31 a company needed to estimate its ending inventory to
prepare its first quarter financial statements. The following
information is available:
Beginning inventory, January 1: $4,000
Net sales: $80,000
Net purchases: $78,000
The company's gross margin ratio is 25%. Using the gross profit
method, the cost of goods sold would be:
Chapter 5 – Inventory Cost Flow The following information pertains to the inventory of sandals for...
Chapter 5 – Inventory Cost Flow
The following information pertains to the inventory of sandals
for Rainbow Shoe Shop for 2017:
Beginning Inventory,
1/1/2017 200
pairs @$18 each
Purchase April 15,
2017 800
pairs @ $20 each
Purchase August 28,
2017 1,200
pairs @ $24 each
During the year, Rainbow Shoe Shop sold 1,900 pairs of shoes for
cash at a price of $40 each.
REQUIRED:
Calculate Cost of Goods Sold and Gross
Profitthat would be recorded on the year ended December
31,...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: ...
Brooks Company carries three inventory items. The following
information pertains to the ending inventory:
Item
Quantity
Unit
Cost
Unit
Market Value
A
220
$
11
$
10
F
235
12
11
K
170
5
8
Required
a.
Determine the ending inventory that Brooks will report on the
balance sheet, assuming that it applies the lower-of-cost-or-market
rule to individual inventory items.
ending inventory = ?
b.
Prepare the necessary journal entry, assuming the decline in
value was...
Blue Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June...
Blue Furniture Ltd. uses a perpetual inventory system and has a
beginning inventory, as at June 1, of 490 bookcases at a cost of
$130 each. During June, the company had the following purchases and
sales of bookcases:
Purchases
Sales
Date
Units
Unit cost
Units
Unit price
June
6
1,200
$132
10
1,030
$204
14
1,770
133
16
1,670
209
26
960
134
(a)
Correct answer iconYour answer is correct.
Determine the cost of goods sold and the cost of...
The following information pertains to Brian Stone Corporation: Beginning fixed manufacturing overhead in inventory $45,750 Ending...
The following information pertains to Brian Stone
Corporation:
Beginning fixed manufacturing overhead
in inventory
$45,750
Ending fixed manufacturing overhead in
inventory
52,500
Beginning variable manufacturing
overhead in inventory
$30,000
Ending variable manufacturing overhead
in inventory
14,250
Fixed selling and administrative
costs
$724,000
Units produced
5,000 units
Units sold
4,800 units
What is the difference between
operating incomes under absorption costing and variable
costing?
The following information is available for Oriole Company at December 31, 2018: beginning inventory $84000; ending...
The following information is available for Oriole Company at
December 31, 2018: beginning inventory $84000; ending inventory
$116000; cost of goods sold $1250000; and sales $1770000. Oriole’s
inventory turnover in 2018 is
17.7 times.
10.7 times.
12.5 times.
15.0 times.
Use the information below to answer the following question(s). The following information pertains to Brady’s Tires:...
Use the information below to
answer the following question(s).
The following information pertains to
Brady’s Tires:
Manufacturing costs
$1,700,000
Units manufactured
20,000
Units sold
19,500 units sold for $85 per unit
Beginning inventory
0 units
What is the amount of ending finished goods inventory?
$27,550
$28,000
$27,090
$42,500
$27,095
What is the amount of gross margin?
$882,050
$885,500
$909,190
$0
$908,895
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 1 minute ago
asked 31 minutes ago
asked 38 minutes ago
asked 43 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago