Question

du/courses/36546/assignments/825267?module_item_id=2208374 ASU Home MyASU Colleges & Schools Map & Locations Contact ACC 231 Uses of Financial Information Desirae Yslava Homework: HW #6 Save Score: 0.18 of 1 pt 5 of 10 (1 complete) HW Score: 182%, 0.18 of 10 pts ( S6-12 (similar to) Question Hep Urban Technology began the year with inventory of $283,000 and purchased 51.840,000 of goods during the year Sales for the year are $2,600.000, and Urban Technology gross profit percentage is 40% of sales. Compute Urban Technology's estimated cost of ending inventory by using the gross profit method First, calculate the cost of goods available. Then calculate the estimated cost of ending inventory Beginning inventory 283000 1840000 Purchases Cost of goods available Choose from any list or enter any number in the input fields and then click Check Answer, Check Answer Clear All 1 pemaining Previous ME Et 9

Answer 1

1 1 2 Beginning inventory 3 Purchases 4 Cost of goods available $283.000 $1.840,000 $2,123,000 7 Cost of goods available 8 Cost of goods sold 9 Ending inventory $2.123,000 $1.560.000 $563,000 Calculations are shown below: Α 1 1 2 Beginning inventory 3 Purchases 4 Cost of goods available 283000 1840000 =B2+B3 6 2 7 Cost of goods available 8 Cost of goods sold 9 Ending inventory =B4 =2600000-(2600000*40%) =B7-B8