Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method. Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory:
Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method. Cost Beginning inventory: $ 29,000.00 Net Purchases: $ 3,900.00 Net sales at retail: $ 17,000.00 Gross profit on sale: 55% Required: Using the information above complete the highlighted cells in the chart: Cost of goods available for sale: Ending inventory at retail: Estimated cost of goods sold: Estimated ending inventory:
Chapter10: Inventory
Section: Chapter Questions
Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...
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Given the following, calculate: Cost of goods available for sale, the ending inventory at retail, the estimated cost of goods sold and estimated ending inventory using the gross profit method.
Cost | |
---|---|
Beginning inventory: | $ 29,000.00 |
Net Purchases: | $ 3,900.00 |
Net sales at retail: | $ 17,000.00 |
Gross profit on sale: | 55% |
Required:
Using the information above complete the highlighted cells in the chart:
- Cost of goods available for sale:
- Ending inventory at retail:
- Estimated cost of goods sold:
- Estimated ending inventory:
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