Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,090.Cost per Totalunit cost$860 $34,400$1,750 $35,000Retail price Total retailvalue$38,600per unit$965$2,105$42,100$975 $17,550$480 $13,440Date of purchaseBeginning inventoryFebruary 5February 19March 3Goods available forsaleUnits soldEnding inventoryUnitspurchased402018281068125The estimated cost of goods sold is $Ending inventory is $$1,996$600$35,928$16,800$133,428(---)

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Description: Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,090.Cost per Totalunit cost$860 $34,400$1,750 $35,000Retail price

Gross Profit The amount of profit earned by a company after selling off the manufactured goods is…

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Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on Cost per Total cost $860 $34,400 Retail price Total retail value per unit $965 $38,600 $1,750 $35,000 $2,105 $42,100 $975 $17,550 $1,996 $480 $13,440 $600 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased unit 40 20 18 28 106 81 25 The estimated cost of goods sold is $ Ending inventory is $ $35,928 $16,800 $133,428

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on Cost per Total cost $860 $34,400 Retail price Total retail value per unit $965 $38,600 $1,750 $35,000 $2,105 $42,100 $975 $17,550 $1,996 $480 $13,440 $600 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased unit 40 20 18 28 106 81 25 The estimated cost of goods sold is $ Ending inventory is $ $35,928 $16,800 $133,428

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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