LightSource has two departments, Office and Residential. The following data are obtained from the accounting records on March 31 of the current year:

Instructions:
1. Prepare an estimated merchandise inventory sheet, similar to the one in this chapter, for each department for the month ended March 31 of the current year.

2. Prepare an interim departmental statement of gross profit. Calculate and record component percentages for departmental and total cost of merchandise sold and gross profit on operations. Round percentage calculations to the nearest 0.1%.

Transcribed Image Text:

Beginning Inventory, January 1 Estimated Beginning Inventory, March 1 Net Purchases, January 1 to February 28 Net Sales, January 1 to February 28 Net Purchases for March Net Sales for March Estimated Gross Profit Percentage Office $124,640.00 Residential $166,500.00 101,344.00 135,660.00 23,360.00 24,840.00 77,760.00 92,800.00 13,497.00 29,200.00 9,978.00 33,600.00 40.0% 50.0%