Presented below is information for the month of November. Use the gross profit method to estimate inventory for monthly reporting purposes. Samson's normal gross profit percentage is 25% of cost. (12 points)

Inventory, November 1 $199,800
Purchases (gross) 655,000
Freight-in 4,900
Sales revenue 913,500
Sales returns 27,300
Purchase discounts 9,320

Inventory, November 1^st --------------

-------- --------------

--------- ------------

--------- --------------

Goods available for sale (at cost) ---------------

--------------- ----------------

---------------- ------------------

Net sales -----------------

Less: Gross profit -------------

Sales (at cost) ----------------

Approximate inventory, November 30^th.

Answer rating: 100% (QA)

ANSWER Solution Particulars Inventory November 1st Purchases gross Less Pur... View the full answer