Homework Answers
1)
| Celebrity Tan Co. | |||
| Estimated Cost of Inventory | |||
| August 31 | |||
| Cost | Retail | ||
| Inventory, August 1 | $300000 | $575000 | |
| Purchases in August (net) | 2021900 | 3170000 | |
| Merchandise inventory available for sale | $2321900 | $3745000 | |
| Ratio of cost to retail price ($2321900*100/3745000) | 62% | ||
| Sales of August | $3250000 | ||
| Inventory, August 31, at retail (3745000-3250000) | $495000 | ||
| Inventory, August 31, at estimated cost ($495000*62%) | $306900 | ||
2-a)
| Ranchworks Co. | ||
| Estimated Cost of Inventory | ||
| November 30 | ||
| Cost | ||
| Inventory, March 1 | $880000 | |
| Purchases in March-November (net) | 9500000 | |
| Merchandise inventory available for sale | $10380000 | |
| Sales of March-November | $15800000 | |
| Estimated gross profit (15800000*38%) | (6004000) | |
| Estimated cost of goods sold | 9796000 | |
| Estimated inventory, November 30 (10380000-9796000) | $584000 | |
b)
| Calculation of Estimated loss of inventory due to theft or damage | |
| Estimated inventory, November 30 | $584000 |
| Inventory on hand, November 30 | (369750) |
| Estimated loss of inventory due to theft or damage | $214250 |
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2a. Estimate the cast of the inventory of Ranchworks Co. an Navember 30 by the gross...
2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross...
2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Ranchworks Co. Estimated Cost of Inventory November 30 Cost Inventory, March 1 880,000 Net purchases 9,500,000 Merchandise available for sale 10,380,000 Sales 15,800,000 Estimated gross profit 6,004,000 Estimated cost of goods sold 9,796,000 x Estimated inventory, November 30 584,000 Retail method;...
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as...
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $223,000 $328,000 Transactions during August: Purchases (net) 2,565,000 3,772,000 Sales 3,880,000 Ranchworks Co. Merchandise inventory, March 1 $234,000 Transactions during March through November: Purchases (net) 3,104,000 Sales 4,705,000 Estimated gross profit rate 33% Required: 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the retail method, presenting details...
Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $ 260,000 $ 595,000 Transa...
Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $ 260,000 $ 595,000 Transactions during August: Purchases (net) 2,263,400 3,475,000 Sales 3,275,000 Ranchworks Co. Inventory, March 1 $870,000 Transactions during March through November: Purchases (net) 9,260,000 Sales 15,050,000 Estimated gross profit rate 40% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter...
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...
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...
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...
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...
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 $59,500. The following information for the month of November was available from company records: Purchases $ 120,000 Freight-in 4,000 Sales 230,000 Sales returns 15,000 Purchases returns 9,000 In addition, the controller is aware of $13,000 of inventory that was stolen during November from one of...
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 $60,300. The following information for the month of November was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $128,000 4,800 270,000 23,000 7,500 In addition, the controller is aware of $8,500 of inventory that was stolen during November from one of the...
2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Ranchworks Co. Estimated Cost of Inventory November 30 Cost Inventory, March 1 880,000 Net purchases 9,500,000 Merchandise available for sale 10,380,000 Sales 15,800,000 Estimated gross profit 6,004,000 Estimated cost of goods sold 9,796,000 x Estimated inventory, November 30 584,000 Retail method;...
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...
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...
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...
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 $60,300. The following information for the month of November was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $128,000 4,800 270,000 23,000 7,500 In addition, the controller is aware of $8,500 of inventory that was stolen during November from one of the...
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