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 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
To estimate the ending inventory and cost of goods sold using the gross profit inventory method well ... View full answer
Get step-by-step solutions from verified subject matter experts
