Question: At May 31 Brunet Company has net sales of 340 000
At May 31, Brunet Company has net sales of $340,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%.
Relevant QuestionsOn June 30, Joanna Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $38,000; at retail $50,000; net sales $40,000; and ending inventory at retail $10,000. Compute ...The accounting records of Americo Electronics show the following data.Beginning inventory 3,000 units at ....... $5Purchases 8,000 units at .......... $7Sales 9,400 units at .............. $10Determine cost of goods sold ...Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.InstructionsCompute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO ...This information is available for Abdullah’s Photo Corporation for 2015, 2016, and 2017.InstructionsCalculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Abdullah’s Photo ...Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $7. During October, Glee made the following purchases of ...
Post your question