PROTECTIO VIEW AN Short Term Operating Assets inventory D Short-Term Operating Assets inventory 2 Gross Profit Method A tsunami destroyed Kyoto Company's warehouse and all of its inventory, Kyoto's management believes that last year's gross profit percentage is a good estimate of the gross profit in the current year. Selected prior year and current year data for Kyoto is given below. Prior year ending inventory $5,097 Prior year sales $48,540 Prior year cost of goods sold $27,490 Current year net sales $28,903 10 Current year inventory purchases $18,005 11 Purchased inventory not delivered 545 12 13 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always utt cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be 14 marked wrong 15 16 Requirements 17 1 Calculate Kyoto's historical gross profit percentage 18 2. Calculate Kyoto's estimated cost of goods sold Use cell references from prior calculations, if applicable 3 Calculate Kyoto's estimated gross profit. Use cell references from prior calculations, if applicable 4 Calculate Kyoto's estimated ending inventory Use cell references from prior calculations, if applicable. 19 20 21 22 23 24 25