Total Owners' Equity800Number of Shares Outstanding (Milions)300Total Assets1800Total Liab. andOwners' Equity1800Price per Share6.26Select the right answer in the answer box below:RatioAnswerGross Profit Ratio39.3% (GP/Net Sales) x 100Price-Earnings Ratio3.2Inventory Turnover2.83 timesQuick Ratio1Accounts Receivable Turnover7 times

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9.ABC, Inc. was incorporated two years ago by issuing 1,000 shares of common stock at $200 and borrowing $30,000 from a bank on a long term note. Last year ABC reported net income of $10,000 and paid a cash dividend of $800. During the year, the company also borrowed an additional $7,600 from the bank. What was the total assets on ABC’s balance sheet at the end ofthe year last year?

Assessment 41.Based on the information below and considering that this company paid $322,500 in cash to its suppliers during the year, what is the company’s COGS for 2015?1/1/201512/31/2015Inventory $23,400$34,560Accounts Payable$354,000$223,000

2.FFS Clothing Store sells socks. During January 2014, its inventory records for one particular brand of socks were as follows:Quantity Price per pairTotalBeginning Inventory6 pairs$18= $108January 6 Purchase3 pairs$16= $48January 10 Sale5 pairsN/A

Jan. 15 Purchase8 pairs$15= $120Jan.20 Sale10 pairsN/AJan. 25 Purchase4 pairs$22= $88Using this information, what is the perpetual FIFO COGS?

3.ABC Inc. sells socks. During January 2016, its inventory record for one brand of its socks were as follows:Quantity Price per pairTotalBeginning Inventory10 pairs$20= $200January 6 Purchase4 pairs$25= $100January 10 Sale5 pairsN/AJan. 15 Purchase7 pairs$30= $210Jan.20 Sale10 pairsN/AJan. 25 Purchase4 pairs$30= $120Using this information, what is the COGS using the average periodic cost method?a.$236b.$378c.$265d.$358COGS Average periodic=Start from bottom count how many sold and how many purchasedSold= 15 Purchased= 25 Add cost: $630Divide cost of purchases by # units have= $630/25= 25.2Multiply average cost of 25.2 by the number sold 15= $378 av.COGS