Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456
Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...
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