Question: Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross

Use the inventory table and the gross profit inventory method to estimate

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,060. Units Cost per Date of purchase purchased unit Total cost $34,000 $40,480 Retail price Total retail value $39,000 per unit $975 40 $850 $1,760 $2,125 $48,875 $955 $15,280 $2,006 $32,096 $490 $14,700 $600 $18,000 $137,971 Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 23 16 30 109 83 26 The estimated cost of goods sold is $80,542 Ending inventory is $. ...

Step by Step Solution

3.42 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To estimate the ending inventory and cost of goods sold using the gross profit inventory method well ... View full answer

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 Mathematics Questions!