Homework Answers
Cost of inventory mission = $1,625,000
Working
| Sales revenue | $ 3,200,000.00 |
| Cost of goods sold (3200000 x 25%) | $ 800,000.00 |
.
| Beginning inventory | $ 500,000.00 |
| Goods purchased during year | $ 2,500,000.00 |
| Goods available for sale | $ 3,000,000.00 |
| Less: Cost of goods sold | $ 800,000.00 |
| Ending inventory to be | $ 2,200,000.00 |
| Actual ending inventory | $ 575,000.00 |
| Mission inventory | $ 1,625,000.00 |
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Estimating Inventory Loss Using Gross Profit Method Dart Company's accounting records reveal the following. Inventory, January...
Estimating Inventory Loss Using Gross Profit Method Dart Company's accounting records reveal the following. Inventory, January...
Estimating Inventory Loss Using Gross Profit Method Dart Company's accounting records reveal the following. Inventory, January 1, 2020 $500,000 Purchases during 2020 2,500,000 Sales during 2020 3,200,000 A physical inventory taken on December 31, 2020, shows an ending inventory of $575,000. Dart's gross margin on sales has remained constant at 25% in recent years. Dart suspects some inventory theft by a new employee. At December 31, 2020, compute an estimate of the cost of missing inventory. $ 0
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years,...
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...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years,...
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...
E. Gross Profit Method An inventory taken by Peace Hall Company the morning of November 01...
E. Gross Profit Method An inventory taken by Peace Hall Company the morning of November 01 after a large theft discloses $10,000 of goods on hand. The to goods on hand. The following additional data is available from the books: Inventory on hand, October 01 Purchases received from October 01 to 31 Sales (delivered to customers) October 01 to 31 $ 30,000 90,000 100,000 Past records indicate that the gross profit is 25% of sales. Estimate the inventory of goods...
Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan...
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...
Gross Profit Method Royal Gorge Company uses the gross profit method to estimate ending inventory and...
Gross Profit Method Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $58500. The following information for the month of November was available from company records: Purchases of $110,000 Freight-in of $3,000 Sales of $180,000 Sales Returns of $5,000 Purchase Returns of $4,000 In addition, the controller is aware of $8,000 of inventory that...
2) Stonier Company operates a large discount store and uses the retail inventory method to estimate...
2) Stonier Company operates a large discount store and uses the retail inventory method to estimate the cost of ending inventory Management suspects that in recent weeks there have been unusually heavy losses from shoplifting or employee pilferage. To estimate the amount of the loss, the company has taken a physical inventory and will compare the results with the estimated cost of inventory. Data from the accounting records of Stonier Company are as follows: At Cost At Retail 75,360 $...
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods...
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59,400. The following information for the month of November was available from company records: Purchases $ 119,000 Freight-in 3,900 Sales 225,000 Sales returns 9,500 Purchases returns 8,500 In addition, the controller is aware of $12,500 of inventory that was stolen during November from one of...
2a. Estimate the cast of the inventory of Ranchworks Co. an Navember 30 by the gross...
2a. Estimate the cast of the inventory of Ranchworks Co. an Navember 30 by the gross profit method, presenting details of the computations. Far those boxes sign which yau must enter subtracted or negative numbers use a minus Ranchworks Co. Estimated Cost Inventory November 30 Csl 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK FIGURE: $81,380.50 The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvao records contained the following information: Рон ins $ 737,650 414.900 Sales, January 1 to July 5...... Net merchandise purchased Jan. 1 to July 5......... Additional information was determined from the 2019 annual report: Income statement: $2,122,550 1,337,175 Sales... Cost of goods sold................ Balance sheet:...
Estimating Inventory Loss Using Gross Profit Method Dart Company's accounting records reveal the following. Inventory, January 1, 2020 $500,000 Purchases during 2020 2,500,000 Sales during 2020 3,200,000 A physical inventory taken on December 31, 2020, shows an ending inventory of $575,000. Dart's gross margin on sales has remained constant at 25% in recent years. Dart suspects some inventory theft by a new employee. At December 31, 2020, compute an estimate of the cost of missing inventory. $ 0
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...
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...
E. Gross Profit Method An inventory taken by Peace Hall Company the morning of November 01 after a large theft discloses $10,000 of goods on hand. The to goods on hand. The following additional data is available from the books: Inventory on hand, October 01 Purchases received from October 01 to 31 Sales (delivered to customers) October 01 to 31 $ 30,000 90,000 100,000 Past records indicate that the gross profit is 25% of sales. Estimate the inventory of goods...
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...
2) Stonier Company operates a large discount store and uses the retail inventory method to estimate the cost of ending inventory Management suspects that in recent weeks there have been unusually heavy losses from shoplifting or employee pilferage. To estimate the amount of the loss, the company has taken a physical inventory and will compare the results with the estimated cost of inventory. Data from the accounting records of Stonier Company are as follows: At Cost At Retail 75,360 $...
2a. Estimate the cast of the inventory of Ranchworks Co. an Navember 30 by the gross profit method, presenting details of the computations. Far those boxes sign which yau must enter subtracted or negative numbers use a minus Ranchworks Co. Estimated Cost Inventory November 30 Csl 2b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK FIGURE: $81,380.50 The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvao records contained the following information: Рон ins $ 737,650 414.900 Sales, January 1 to July 5...... Net merchandise purchased Jan. 1 to July 5......... Additional information was determined from the 2019 annual report: Income statement: $2,122,550 1,337,175 Sales... Cost of goods sold................ Balance sheet:...
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