Question: PLEASE SHOW ALL WORK !! Thank you :) Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method.

PLEASE SHOW ALL WORK !! Thank you :)

Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method. Sales (net) $725,000 Estimated gross profit rate 40% Beginning merchandise inventory $54,900 Purchases (net) 575,900 Merchandise available for sale $630,800

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $882,000 Estimated gross profit rate 32% Beginning inventory $75,700 Purchases (net)...

The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3...

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 17 Sold 20 units 30 Purchased 10 units at $22 Using a perpetual system,...

Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $697,000 Estimated gross profit rate 27% Beginning inventory $64,200 Purchases (net) 673,600...

At the end of the current year, Accounts Receivable has a balance of $145,600; Allowance for Doubtful Accounts has a debit balance of $4,104; and sales for the year total $1,084,000. Bad debt expense...

Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $868,000 Estimated gross profit rate 35% $71,200 Beginning inventory Purchases (net)...

1. Using the following information: The bank statement balance is $3,694. The cash account balance is $3,857. Outstanding checks amounted to $796. Deposits in transit are $883. The bank service...

Based upon the following data, estimate the cost of ending inventory using the gross profit method. Line Item Description Numerical Data Sales $250,000 Estimated gross profit rate 25% Line Item...

Q21 Calculator Based upon the following data, estimate the cost of ending inventory using the gross profit method. Sales $678,000 Estimated gross profit rate 36% Beginning inventory $54,700 Purchases...

Many companies use long-term leases to finance long-term assets. Although these leases are similar to mortgage payments, they are structured in such a way that they qualify as operating leases. As a...

Evaluate the answers accurate to the cent. $100 (1 + 0.04)2-11

When measuring a hedged item, or a hedging instrument at a balance sheet date, the forward rate is used when the item can be settled at any time, whereas the closing rate is used when the item must...

According to Fayol, discipline requires. Good superiors at all levels Judicious application of penalties Clear and fair agreements All of these

Becoming interculturally competent requires that you approach and initiate communication with persons from your culture that differ in some way. Microcultural groups represent those groups of persons...

How does your perception of time (i.e., monochronic or polychronic) affect your daily life? Your study schedule? Your free time?

What are some of the common stereotypes in your community of microcultural group members?