At May 31, Cheyenne Corp. has net sales of $385,000 and cost of goods available for sale of $283,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 36%.
At May 31, Cheyenne Corp. has net sales of $385,000 and cost of goods available for sale of $283,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 36%.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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At may 31, Cheyenne Corp. has ner sales of $385,000 and cost of goods available for sale of $283,000. Compute the estimated cost of the ending jnventory, assuming the gross profit rate is 36%.
![At May 31, Cheyenne Corp. has net sales of $385,000 and cost of goods available for sale of
$283,000.
Compute the estimated cost of the ending inventory, assuming the gross profit rate is 36%.
Estimated cost of ending inventory $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc67d32a5-1c7f-452a-a17f-efb330e24722%2F8d179edf-8c96-4cbb-a1fa-6ed0b5e84954%2Foj759ss_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At May 31, Cheyenne Corp. has net sales of $385,000 and cost of goods available for sale of
$283,000.
Compute the estimated cost of the ending inventory, assuming the gross profit rate is 36%.
Estimated cost of ending inventory $
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