Homework Answers
1. The best method of valuing the ending inventory is the specific identification method.
2&3.
Cost of goods sold: $64,000
| 30' Holiday | 41000 |
| 20' Lake King | 23000 |
| Total $ | 64000 |
Ending inventory: $111,000
| 28' Starfish | 35000 |
| 30' Perch | 55000 |
| 24' Sea King | 21000 |
| Total $ | 111000 |
Analyze:
Estimated gross profit on sales for August: $15,500
| Sales ($50000 + $29500) | 79500 |
| Less: Cost of goods sold | 64000 |
| Gross profit $ | 15500 |
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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...
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Check my Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August inventory of Hawkins Company had a cost of $71,000 and a retail value of $106.000. During August, merchandise was purchased for $93.910 and marked to sell for $133.000. August sales totaled $117.000 Required: 1. Compute the retail value of the ending Inventory as of August 31 2. Compute the approximate cost of the ending Inventory 3. Compute the cost of goods sold during August Analyte: What...
Problem 17.5A Estimating inventory by the retail method. LO 17-5 The August 1 inventory of Hawkins Company had a cost of $81,000 and a retail value of $116,000. During August, merchandise was purchased for $97,710 and marked to sell for $143,000. August sales totaled $127,000. Required: 1. Compute the retail value of the ending inventory as of August 31. 2. Compute the approximate cost of the ending inventory 3. Compute the cost of goods sold during August. Analyze: What is...
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...
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...
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