8 At the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost of inventory assuming inventory is sold at a margin of 60%? Select one answer: O £12,360 O£8,240 £8,000 O £12,875

8 At the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost of inventory assuming inventory is sold at a margin of 60%? Select one answer: O £12,360 O£8,240 £8,000 O £12,875

Name: please dont provide answer in image format thank you 8At the end of th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: please dont provide answer in image format thank you 8At the end of the year, Cahill Ltd has inventory in hand at a selling price of £20,600. What was the cost ofinventory assuming inventory is sold at a margin of 60%?Select one answer:O£12,360£8,240

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

If average inventory is P80,000 and the inventory turnover ratio is 20, how much is the cost of goods sold of the company? * O P1,600,000 O P4,000 O .00025 P80,020
Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is P8,50O, then what does that imply for the cost of goods sold during the year? (round to the nearest peso) * O P21,250 P124,100 O P582 P4964
1 A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual consumption 1,000 Fixed cost per order placed $30.00 Carrying cost of inventory (as a % of dollar value) 25% How many times should the product be reordered each year and what are the related ordering and carrying costs of inventory?
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000
Sylu had sales of £150,000, which made a gross profit of £65,750. Purchases amounted to £175,000 and opening inventory was £5,000. The value of closing inventory was? Choose one from the following: A. 320,000.00 B. 35,750.00 C. 95,750.00 D. 240,750.00
1- Your CFO gives you this data and asked you to help him by calculating the Inventory Carrying Rate: Inventory Costs = $40,000 Inventory Value = $310,000 Opportunity Cost = 10% Insurance = 4% Taxes %3D 7% Show your Calculation: 2- Calculate the Total Annual Cost knowing the following data: Total annual cycle-inventory cost (C) : Lot Size (Q) : 560 Holding Cost per unit per year (H) : 20$ Annual Demand (D) : 35 600 Ordering cost per Lot : 55 $
If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000
Assume a firm's inventory level of $11,000 represents 32 days' sales. Required: a. What is the annual cost of goods sold? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to whole number.) b. What is the inventory turnover ratio? (Round your answer to 2 decimal places.) Annual cost of goods sold Inventory turnover ratio times per year
15 - For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is 350.000 TL, the Purchase Discounts are 14.000 TL, the Intra-Period Purchases are 450.000 TL, the Purchase Expenses are 24.000 TL, the Returns from the Purchases are 11.000 TL, at the End of the Period. Which of the following is the cost of goods sold if the Goods Stock is 160,000 TL ? a) 670.000 TL B) 639,000 TL NS) 702.000 TL D) 651.000 TL TO) 695,000 TL
A company normally sells it products for $20 per unit, which includes a profit margin of 25%. However, theselling price has fallen to $15 per unit. This company's current inventory consists 200 units purchased at $16per unit. Replacement cost has now fallen to $13 per unit. Calculate the value of inventory at the lower ofcost or market.a. $2,550.b. $2,600.c. $2,700.d. $3,000.e. $3,200.
The accounting records of Summer Lightings Equipment Ltd show the following data: Beginning inventory: 4,000 units at £3 Purchases 6,000 units at £4 Sales 7,000 units at £12 Which one of the following statements is INCORRECT? O In a period of inflation. FIFO produces a lower net profit because the higher unit costs of the first units purchased are matched against revenues; and results in a lower income taxes paid. In a period of inflation, FIFO produces a higher net profit because the lower unit costs of the first units purchased are matched against revenues, and results in a higher income taxes paid, O The cost of goods sold during the period under a periodic inventery system using the average-cost method is C25,200. The cost of goods sold during the period under a periodic inventory system using the FIFO method is [24,000.
If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of P30,000, then the inventory turnover is _________ and the average age of inventory is _________. (Assume a 360-day year) 20; 18 c 10; 20 10; 36 d. 20; 36