(2 different questions) Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit isrealized on sales and net sales are $115,070.Units Cost per Total Retail price Total retailper unitDate of purchaseBeginning inventoryFebruary 5February 19March 3Goods available forsaleUnits soldEnding inventorypurchased unit43211628cost$840 $36,120$1,750 $36,750$965 $15,440$470 $13,1601088325The estimated cost of goods sold is $$965$2,125$2,016$610value$41,495$44,625$32,256$17,080$135,456 Use the following inventory table to find the cost of goods sold using the last-in, first-out (LIFO) inventory method.Date of purchase Units purchased. Cost per unit Retail price per unit$860$985$1,760Beginning inventoryFebruary 5February 9March 3Units soldThe cost of goods sold is $(Type an integer or a decimal.)4525152880$955$470$2,115$1,208$600***

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Description: (2 different questions) Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit isrealized on sales and net sales are $115,070.Units Cost per Total Retail price Total

The cost of goods sold is calculated to know the exact profit earned on sales. It can be calculated…

Business

Accounting

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456

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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