Use the inventory table and the gross profit inventory method to estimate the ending inventory and...
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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 $. ... 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 $. ...
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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