3.02 Test Departmentalized Worksheet and Margin Statements

The Eckland Company would like to determine their Gross Profit for the past quarter. Per the general ledger: sales is equal to $853,500, beginning inventory is equal to $350,000, net purchases are equal to $146,000 and estimated ending inventory has been calculated to be $46,500. Determine the Eckland Company Gross Profit.

• $250,500

• $404,000

• $449,550

• $696,000

The Daisy Company would like to determine their Gross Profit for the past quarter. Per the general ledger, sales equal to $152,000, beginning inventory is equal to $67,330, net purchases are equal to $87,800 and estimated ending inventory has been calculated to be $83,650. Determine the Daisy Company's Gross Profit

• $63,180

• $63,180

• $88,820

• $80,520

Jones Department had two divisions, the Men's Department and the Women's Department. Andy Accountant is preparing interim reports for the company, and is currently working on completing the worksheet. The Men's Department columns show a Debit Total of $435,809 and Credit Total of $387,991. The Women's Department columns show a Debit Total of $375,200 and a Credit Total of $410,700. Determine the Departmental Margin for the Women's Department.

• $47,818 net income

• $47,818 net loss

• $35,500 net income

• $35,500 net loss

The Rocking Records Music Store needs to estimate ending inventory for its interim financial statements. The following information is available: Sales $93,000; Beginning Inventory $45,250, Net Purchases $28,000, Gross Profit 48%. Determine estimated ending inventory using the Gross Profit Method.

• $21,720

• $24,890

• $73,250

• $48,360

The Peterson's Piano Company would like to determine their Gross Profit for the past quarter. Per the general ledger, sales is equal to $2,312,350, beginning inventory is equal to $952,000, net purchases are equal to $875,200, and estimated ending inventory has been calculated to $783,650. Determine the Peterson's Piano Gross Profit.

• $1,268,800

• $1,271,900

• $860,450

• $1,043,550

The Daisy's Design needs to estimate ending inventory for its interim financial statements. The following information is available: Sales $80,500, Beginning Inventory $40,750, Net Purchases $27,500, Gross Profit 47%. Determine estimated ending inventory using the Gross Profit Method.

• $68,250

• $25,585

• $19,152

• $42,665

Good Clothing store has two divisions, the Juniors's Department and the Children's Department. Amelia Accountant is preparing interim reports for the company is currently working on completing the worksheet. she has started the worksheet by creating the heading and completing the Trial Balance section and Adjustments section. All columns balance to this point. What is the next step that Amelia should do to properly complete the Departmental Worksheet/

• Calculate net income

• Extend the income, revenue, cost and direct expenses to the appropriate departmental columns

• Extend the assets, liabilities and equity, plus or minus adjustments to the Balance Sheet columns

• Total and calculate departmental margin

The Peterson's Piano Company would like to determine their Cost of Goods sold for the past quarter. Per the general ledger, sales is equal to $2,312,350, beginning inventory is equal to $952,000, net purchases are equal to $875,200 and estimated ending inventory has been calculated to $783,650. Determine the Peterson's Piano Company's Cost of Goods Sold.

• $863,650

• $1,043,550

• $706,850

• $860,450

The Bessie Road Paving Company needs to estimate ending inventory for its interim financial statements. The following information is available: Sales $525,000, Beginning Inventory $250,250, Net Purchases $212,000, Gross Profit 45%. Determine estimated ending inventory using the Gross Profit Method.

• $462,250

• $112,612

• $288,750

• $173,500

The Royal Jewelry Company needs to estimate ending inventory for its interim financial statements. The following information is available: Beginning Inventory at Cost $54,550, at Retail $104,500, Net Purchases at Cost $49,500, at Retail $95,500, Retail at Sales $140,500.

• $44,500

• $30,940

• $29,500

• $42,660