On July 1, the total inventory for Save-Mor Merchandisers was $614,100, Net purchases during the month were $315,900 and sales amounted to $611,400. Gross margin on sales was 61 Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). Need Help? Read It Watch it Master It

On July 1, the total inventory for Save-Mor Merchandisers was $614,100, Net purchases during the month were $315,900 and sales amounted to $611,400. Gross margin on sales was 61 Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). Need Help? Read It Watch it Master It

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I→ 3 Tremblay Company began June with 45 units of inventory that cost a total of $900. During June, Tremblay purchased and sold goods as follows: (Click the icon to view the transactions.) Calculate the gross margin amount using the weighted-average method. assuming Tremblay uses a periodic inventory system. Jave Before we can calculate gross margin, we must first determine the cost of goods sold, using the periodic method of costing inventory. Start by determining the formula, and then enter the amounts. (Round your answers to the nearest whole dollar.) Cost of goods available for sale Less: Cost of goods sold More info June 8 Purchase: 65 units at $14.00 June 14 June 22 Sale: 55 units at $32 Purchase: 48 units at $16.00 June 27 Sale: 65 units at $37.00 - X
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You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Inventory, September 30 10,605 Administrative expense 732 Sales 56,096 Rent revenue 984 Interest expense 1,159 $25,676 $29,932 $30,420 $1,159