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 |
Homework Answers
Sales = $9,250,000
Gross profit Rate = 36%
Gross profit = Sales x Gross profit rate
= 9,250,000 x 36%
= $3,330,000
Cost of goods sold = Sales - Gross profit
= 9,250,000-3,330,000
= $5,920,000
Cost of ending inventory = Merchandise available for sale - Cost of goods sold
= 6,125,000-5,920,000
= $205,000
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