Please help!!!! Answer using 1-3 paragraph: Outline the steps in the gross profit method of estimating...
Please help!!!!
Answer using 1-3 paragraph:
Outline the steps in the gross profit method of estimating ending inventory, and provide an example of when the method might be used.
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Please help!!!!
Answer using 1-3 paragraph:
Outline the steps in the gross profit method of estimating...
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...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit rate: 40% of sales Inventory on January 1 (at cost): $216,000 Purchases from January 1 to date of inventory estimate: $900,000 Net sales for period: $1,160,000 Kipped eBook Use the above data to compute the estimated Inventory cost for Sloan Company under the gross profit method. eferences $ Beginning inventory, January 1 Purchases Cost of goods available for sale 216,000 900,000 1,116,000 $ Estimated...
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
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. $ Check
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...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $8,400. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2019 Purchases from November 1, 2019, to date of flood Net sales from November 1, 2019, to date of flood $97,000 132,000 221,000 Based on...
Quiz Ch 6 Help Save 23 QS 6-22B Estimating inventories-gross profit method LO P4 Confucius Bookstore's...
Quiz Ch 6 Help Save 23 QS 6-22B Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following accounting records. data current year are available from the Beginning inventory. Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate SOS Estimate the cost of the inventory destroyed. Beginning inventory 8 81 Estimated September 6 inventory destroyed Prev 23 of...
Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross p...
Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross profit on sales 65 % Net purchases $ 5,000 Beginning inventory $ 30,100 Net sales at retail $ 18,100 Estimated cost of ending inventory $
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...
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:...
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...
Seved Exercise 17.4 Estimating inventory cost under the gross profit method. LO 17-4 Average gross profit rate: 40% of sales Inventory on January 1 (at cost): $216,000 Purchases from January 1 to date of inventory estimate: $900,000 Net sales for period: $1,160,000 Kipped eBook Use the above data to compute the estimated Inventory cost for Sloan Company under the gross profit method. eferences $ Beginning inventory, January 1 Purchases Cost of goods available for sale 216,000 900,000 1,116,000 $ Estimated...
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
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. $ Check
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...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $8,400. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2019 Purchases from November 1, 2019, to date of flood Net sales from November 1, 2019, to date of flood $97,000 132,000 221,000 Based on...
Quiz Ch 6 Help Save 23 QS 6-22B Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following accounting records. data current year are available from the Beginning inventory. Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate SOS Estimate the cost of the inventory destroyed. Beginning inventory 8 81 Estimated September 6 inventory destroyed Prev 23 of...
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...
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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