An accounting clerk of the Blakely Company absconded with cash and a truck full of electronic merchandise
Question:
Beginning inventory, January 1 ....... $ 55,000
Sales to May 14, 20X4 ........... 300,000
Average gross profit rate .......... 25%
Purchases to May 14, 20X4 ......... 210,000
Compute the estimated cost of the ending inventory and indicate how you could use that value to estimate the cost of the missing merchandise.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Beginning inventory 55000 Purchases 210000 Cost of goods availab...View the full answer
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Question Posted:
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