Homework Answers
Correct Answer will be C. Calculate the cost of Goods Available for Sale
Explanation:-
For calculating Ending Inventory First of all it need to calculate Estimate Cost of Goods Sold then to calculate Goods Available sale and Estimate cst of Goods Sold to be deducted from Cost of Goods Available from sales.
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The last step in using the gross profit method to estimate ending inventory is to: O...
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...
Inventory and Cost of Goods Sold Estimate ending inventory by the gross profit method The following...
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...
eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending...
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...
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...
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales...
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
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales...
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
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, Lino weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transac for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units @ $ 23 each 513 29 Sale 13 units @ $...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson 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 July was $126,000. The following information for the month of August was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $226,000 5,900 357.000 9,700 5,000 In addition, the controller is aware of $11,000 of inventory that was stolen during August from one of the company's...
Please help me with this question! Royal Gorge Company uses the gross profit method to estimate...
Please help me with this question!
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 $59,600. The following information for the month
of November was available from company records:
Purchases
$
121,000
Freight-in
4,100
Sales
235,000
Sales returns
16,000
Purchases returns
4,000
In addition, the controller is aware of $5,000 of inventory that
was...
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...
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...
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
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, Lino weighted average methods Assume that Jump Coffee Shop completed the following periodic inventory transac for a line of merchandise inventory: Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @ $ 19 each 20 Sale 14 units @ $ 37 each 24 Purchase 11 units @ $ 23 each 513 29 Sale 13 units @ $...
Henderson 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 July was $126,000. The following information for the month of August was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $226,000 5,900 357.000 9,700 5,000 In addition, the controller is aware of $11,000 of inventory that was stolen during August from one of the company's...
Please help me with this question!
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 $59,600. The following information for the month
of November was available from company records:
Purchases
$
121,000
Freight-in
4,100
Sales
235,000
Sales returns
16,000
Purchases returns
4,000
In addition, the controller is aware of $5,000 of inventory that
was...
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