Homework Answers
| Cost of goods sold for six months ended June 30, 2014 = Sales revenue for six months ended June 30, 2014 * ( 1 - Gross profit % ) = 3000000 * ( 1 - 35% ) | 1950000 |
| Beginning inventory on January 1, 2014 | 500000 |
| (+) Purchases for six months ended June 30, 2014 | 2000000 |
| (-) Cost of goods sold for six months ended June 30, 2014 | 1950000 |
| Inventory on June 30, 2014 | 550000 |
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Problem 4 Historically, Irish Corp. has a gross profit percentage of 35%. Irish had beginning inventory...
4. 4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for...
4. 4. (6 points) Mark Price Company uses
the gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in
30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
Compute the estimated inventory at May 31, assuming that the gross
profit is 25%...
E9.14 (LO 4) (Gross Profit Method) Mark Price Company uses the gross profit method to estimate...
E9.14 (LO 4) (Gross Profit Method) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase discounts 12,000 Instructions a. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales. b. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of...
4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for monthly...
4. (6 points) Mark Price Company uses the
gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in
30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
Compute the estimated inventory at May 31, assuming that the gross
profit is 25% of...
Concord Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Concord Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to 0 decimal places, e.g. 6,225.) ________ Inventory, May 1 $ 149,100 Purchases (gross) 683,200 Freight-in 28,700 Sales revenue 998,600 Sales returns 76,500 Purchase discounts 11,000
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 175,600 Purchases (gross) 617,400 Freight-in 31,700 Sales revenue 973,200 Sales returns 68,100 Purchase discounts 12,900 A.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. B.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of...
4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for monthly...
4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase discounts 12,000 Instructions (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of...
Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Buffalo Company uses the gross profit method to estimate
inventory for monthly reporting purposes. Presented below is
information for the month of May.
Inventory, May 1
$ 165,300
Purchases (gross)
619,800
Freight-in
30,100
Sales revenue
940,100
Sales returns
68,700
Purchase discounts
11,600
Compute the estimated inventory at May 31, assuming that the
gross profit is 40% of net sales.
The estimated inventory at May 31
$
Compute the estimated inventory at May 31, assuming that the
gross profit is 40%...
Exercise 9-14 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting...
Exercise 9-14 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 160,000 640,000 30,000 1,000,000 70,000 12,000 X] your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 246,000 $ LINK TO TEXT...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 165,900 633,400 30,300 998,100 64,700 11,400 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
Headland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Headland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
4. 4. (6 points) Mark Price Company uses
the gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in
30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
Compute the estimated inventory at May 31, assuming that the gross
profit is 25%...
4. (6 points) Mark Price Company uses the
gross profit method to estimate inventory for monthly reporting
purposes. Presented below is information for the month of May.
Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in
30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase
discounts 12,000 Instructions (a) Compute the estimated inventory
at May 31, assuming that the gross profit is 25% of sales. (b)
Compute the estimated inventory at May 31, assuming that the gross
profit is 25% of...
4. (6 points) Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 160,000 Purchases (gross) 640,000 Freight-in 30,000 Sales revenue 1,000,000 Sales returns 70,000 Purchase discounts 12,000 Instructions (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of...
Buffalo Company uses the gross profit method to estimate
inventory for monthly reporting purposes. Presented below is
information for the month of May.
Inventory, May 1
$ 165,300
Purchases (gross)
619,800
Freight-in
30,100
Sales revenue
940,100
Sales returns
68,700
Purchase discounts
11,600
Compute the estimated inventory at May 31, assuming that the
gross profit is 40% of net sales.
The estimated inventory at May 31
$
Compute the estimated inventory at May 31, assuming that the
gross profit is 40%...
Exercise 9-14 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 160,000 640,000 30,000 1,000,000 70,000 12,000 X] your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 246,000 $ LINK TO TEXT...
Culver Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 165,900 633,400 30,300 998,100 64,700 11,400 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
Headland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
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