Option A is the answer |
The gross profit method of calculating the ending inventory cost can be used even without taking any physical verification count of merchandise. Comment if you face any issues |
The gross profit method of determining ending inventory cost Group of answer choices can be used...
Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross profit on sales 65 % Net purchases $ 5,000 Beginning inventory $ 30,100 Net sales at retail $ 18,100 Estimated cost of ending inventory $
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,200,000 Estimated gross profit rate 42% Beginning inventory Purchases (net) $2,420,000 245,000 Merchandise available for sale $2,665,000 Estimated Cost of Ending Inventory dropdown
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% Beginning inventory $180,000 Purchases (net) 5,945,000 Merchandise available for sale $6,125,000
Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method. 2a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method. 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of merchandise...
Which of the following inventory costing procedures requires a physical count of merchandise a minimum of once a year at yearend? Group of answer choices the retail method the gross profit method the lower of cost or market method the average cost method
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,300,000 42% Estimated gross profit rate Beginning inventory Purchases (net) $2,477,000 251,000 $2,728,000 Merchandise available for sale Estimated Cost of Ending Inventory Merchandise available for sale $2,728,000 Estimated cost of goods sold 4,300,000 Estimated ending inventory Feedback Check My Work Inventory available for sale - estimated cost of goods sold = estimated cost of inventory. Recall that the estimated cost of goods...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,719,000 nces Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 120,000 1,200,000 1,320,000 142,875 1.172.125 $ 541,875 Investigation...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following data is given for Volcano Technology. Beginning inventory Purchases Sales Gross profit percentage $ $ $ 275,000 1,850,000 2,600,000 40% of sales Requirement Compute Volcano Technology's estimated cost of ending inventory by using the gross profit method. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values...
Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2021: Inventory, October 1, 2021: At cost $ 20,000 At retail 30,000 Purchases (exclusive of freight and returns): At cost 100,151 At retail 146,495 Freight-in 5,100 (continued) Purchase returns: At cost 2,100 2,800 2,500 265 800 At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage 4,500...