The April 1 inventory of Andrew Stores had a cost of $459,000 and a retail value of
Question:
The April 1 inventory of Andrew Stores had a cost of $459,000 and a retail value of $670,000. During April, merchandise was purchased for $534,500 and marked to sell for $838,000. Freight in was $9,000. April sales totaled $1,075,000.
INSTRUCTIONS
1. Compute the retail value of the ending inventory as of April 30.
2. Compute the approximate cost of the ending inventory.
3. Compute the cost of goods sold during April.
Analyze: What is the gross profit on sales for the period ending April 30?
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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Estimated Inventory Cost Retail Beginning Inventory April 1 459000 670000 Purchases 534500 838000 Fr...View the full answer
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Related Book For 
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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