QS 5-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. Beginning inventory Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated September 5 inventory destroyed $ $ 230,000 ************ 230,000 $ 230,000 $ 342,000 $ 684,000 39%
QS 5-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. Beginning inventory Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated September 5 inventory destroyed $ $ 230,000 ************ 230,000 $ 230,000 $ 342,000 $ 684,000 39%
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section20.3: Estimating Inventory
Problem 1WT
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QS 5-26B (Algo) Estimating inventories-gross profit method LO P4
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the
accounting records.
Beginning inventory, January 1
January 1 through September 5 purchases (net).
January 1 through September 5 sales (net)
Current year's estimated gross profit rate
Estimate the cost of the inventory destroyed.
Beginning inventory
Net cost of goods purchased
Cost of goods available for sale
Estimated cost of goods sold
Estimated September 5 inventory destroyed
$
$
230,000
230,000
$ 230,000
$ 342,000
$ 684,000
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QS 5-26B (Algo) Estimating inventories-gross profit method LO P4
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the
accounting records.
Beginning inventory, January 1
January 1 through September 5 purchases (net).
January 1 through September 5 sales (net)
Current year's estimated gross profit rate
Estimate the cost of the inventory destroyed.
Beginning inventory
Net cost of goods purchased
Cost of goods available for sale
Estimated cost of goods sold
Estimated September 5 inventory destroyed
$
$
230,000
230,000
$ 230,000
$ 342,000
$ 684,000
< Prev
39%
14 of 14 H
MacBook Pro
Next >
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