Accounting Problems

10/10/19, 10'16 PMExercise 9-19

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Print by: Crismaldy Ventura ACC304011VA016-1198-001: Intermediate Accounting II / HOMEWORK - CHAPTER 09 - ACC304

*Exercise 9-19 Presented below is information related to Sweet Corporation for the current year.

Beginning inventory $ 600,400

Purchases 1,490,900

Total goods available for sale $2,091,300

Sales revenue 2,465,000

Compute the ending inventory, assuming that (a) gross profit is 42% of sales, (b) gross profit is 60% of cost, (c) gross profit is 32% of sales, and (d) gross profit is 25% of cost. (Round ratios 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 42% of sales $

(b) Gross profit is 60% of cost $

(c) Gross profit is 32% of sales $

(d) Gross profit is 25% of cost $

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