Homework Answers
Answer- The estimated inventory at the end of August=$103700.
Explanation- Ending inventory of August = {(Opening inventory+ Net purchases+ Freight-in-Inventory stolen +Gross profit}-Net Sales
= {($122500+$214700+$5200)+ ($341000*30%)}-$341000
= ($342400+$102300)-$341000
= $103700
Where- Net Sales = Sales-Sales returns
= $350000-$9000
= $341000
Net Purchases = Purchases-Purchases returns
= $219000-$4300
= $214700
Add Answer to:
12) Henderson Company uses the gross profit method to estimate ending inventory and cost of goods...
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...
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 14,000 Purchases returns 8,500 In addition, the controller is aware of $12,500 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 $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...
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 sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $59,000. The following information for the m
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 $59,000. The following information for the month of November was available from company records: Purchases$115,000Freight-in3,500Sales205,000Sales returns10,000Purchases returns6,500In addition, the controller is aware of $10,500 of inventory that was stolen during November from one of the company's warehouses. Required:1. Calculate the estimated inventory at the end of November, assuming...
E 9-11 Gross profit method QL09-2 Royal Gorge Company uses the gross profit method to estimate...
E 9-11 Gross profit method QL09-2 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 $58,500. The following information for the month of November was available from company records: $110,000 Purchases Freight-in Sales 3,000 180,000 Sales returns 5,000 4,000 Purchases returns In addition, the controller is aware of $8,000 of inventory that was stolen...
Use the following to answer the question 11 below: Novelli's Nursery has developed the following data...
Use the following to answer the question 11 below: Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees. Selling Price Cost $ 1,800 2,200 $ 1,700 1,600 Broad leaf trees: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry $2,500 3,600 $1,750 3,350 $ 1,800 2,300 $1,400 1,800 The costs to sell are 10% of...
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...
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...
E 9-11 Gross profit method QL09-2 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 $58,500. The following information for the month of November was available from company records: $110,000 Purchases Freight-in Sales 3,000 180,000 Sales returns 5,000 4,000 Purchases returns In addition, the controller is aware of $8,000 of inventory that was stolen...
Use the following to answer the question 11 below: Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees. Selling Price Cost $ 1,800 2,200 $ 1,700 1,600 Broad leaf trees: Ash Beech Needle leaf trees: Cedar Fir Fruit trees: Apple Cherry $2,500 3,600 $1,750 3,350 $ 1,800 2,300 $1,400 1,800 The costs to sell are 10% 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...
Most questions answered within 3 hours.
-
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 55 minutes ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 2 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 1 hour ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 1 hour ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 3 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 3 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 3 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 3 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 3 hours ago -
Why are polymers not typically casted into products?
asked 3 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 3 hours ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 3 hours ago