Question :
52. Given the information in the table below, what the : 1255952
52. Given the information in the table below, what is the company’s gross profit?
Sales revenue
$350,000
Accounts receivable
$280,000
Ending inventory
$230,000
Cost of goods sold
$180,000
Sales returns
$50,000
Sales discount
$20,000
a. $280,000.
b. $170,000.
c. $50,000.
d. $100,000.
53. LeGrand Corporation reported the following amounts in its income statement:
Sales revenue$440,000
Advertising expense 60,000
Interest expense 10,000
Salaries expense 55,000
Utilities expense 25,000
Income tax expense 45,000
Cost of goods sold 180,000
What was LeGrand’s gross profit?
a. $260,000.
b. $180,000.
c. $220,000.
d. $120,000.
54. LeGrand Corporation reported the following amounts in its income statement:
Sales revenue$440,000
Advertising expense 60,000
Interest expense 10,000
Salaries expense 55,000
Utilities expense 25,000
Income tax expense 45,000
Cost of goods sold 180,000
What was LeGrand’s operating income?
a. $120,000.
b. $260,000.
c. $110,000.
d. $65,000.
55. LeGrand Corporation reported the following amounts in its income statement:
Sales revenue$440,000
Advertising expense 60,000
Interest expense 10,000
Salaries expense 55,000
Utilities expense 25,000
Income tax expense 45,000
Cost of goods sold 180,000
What was LeGrand’s net income?
a. $120,000.
b. $60,000.
c. $110,000.
d. $65,000.
56. Wildwood, an outdoors clothing store, reports the following information for June:
Sales revenue
$104,000
Income tax expense
$11,000
Operating expenses
22,000
Cost of goods sold
65,000
Unearned revenues
$15,000
Nonoperating revenues
12,000
What is Wildwood’s gross profit for June?
a. $18,000.
b. $39,000.
c. $104,000.
d. $17,000.
57. The following information relates to inventory for Shoeless Joe Inc.
Date
Quantity
Price
March 1
Beginning Inventory
20
$2
March 7
Purchase
15
3
March 11
Sale
25
7
March 12
Purchase
20
4
At what amount would Shoeless report gross profit using LIFO cost flow assumptions?
a. $105.
b. $80.
c. $175.
d. $120.
58. The following information relates to inventory for Shoeless Joe Inc.
Date
Quantity
Price
March 1
Beginning Inventory
20
$2
March 7
Purchase
15
3
March 11
Sale
25
7
March 12
Purchase
20
4
At what amount would Shoeless report ending inventory using FIFO cost flow assumptions?
a. $55.
b. $170.
c. $110.
d. $70.
59. The following information relates to inventory for Shoeless Joe Inc.
Date
Quantity
Price
March 1
Beginning Inventory
20
$2
March 7
Purchase
15
3
March 11
Sale
30
7
March 12
Purchase
15
6
At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption? (Round your answer to the nearest dollar)
a. $110.
b. $73.
c. $70.
d. $105.
60. Inventory records for Dunbar Incorporated revealed the following:
Date
Transaction
Number
of Units
Unit
Cost
Apr. 1
Beginning inventory
500
$2.40
Apr. 20
Purchase
400
2.50
Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be:
a. $500.
b. $490.
c. $470.
d. $480.
61. Inventory records for Dunbar Incorporated revealed the following:
Date
Transaction
Number
of Units
Unit
Cost
Apr. 1
Beginning inventory
500
$2.40
Apr. 20
Purchase
400
2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be:
a. $1,730.
b. $1,700.
c. $1,720.
d. $1,710.
