Two separate errors affected Computer Sales in 20X7 The beginning inventory was

# Two separate errors affected computer sales in 20x7

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80.Two separate errors affected Computer Sales in 20X7. The beginning inventory was overstated by \$12,000 and the ending inventory was overstated by \$18,000. Net income in 20X7 will be:a)overstated by \$30,000b)overstated by \$12,000c)understated by \$6,000d)overstated by \$6,00081.If ending inventory for the current accounting period is overstated by \$3,500:82.If ending inventory for the current period is understated, then owner’s equity will be:83.If ending inventory for the current accounting period is understated by \$2,700:84.The following data are for the Daisy's Florist Shop for the first seven months of its fiscal year:Beginning inventory\$53,500Purchases75,500Net sales revenue93,700Normal gross profit percent30%
CHAPTER 6Accounting What is the estimated inventory on hand as determined by the gross profit method?a)\$63,410b)\$65,590c)\$100,890d)\$28,11085.The following data are for the Golden Oak Antique Shop for the first month of the current fiscal year:Beginning inventory\$73,250Purchases57,650Net sales revenue85,500Normal gross profit percent45%What is the company’s estimated cost of goods sold for the month?86.Assume a beginning inventory of \$28,000, ending inventory of \$47,000, and purchases of \$110,000. If the gross profit percent is 60%, how much is net sales revenue?87.The method of computing ending inventory destroyed in a fire is called the: