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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 Retail price Total retail
per unit
Date of purchase
Beginning inventory
February 5
February 19
March 3
Goods available for
sale
Units sold
Ending inventory
purchased unit
43
21
16
28
cost
$840 $36,120
$1,750 $36,750
$965 $15,440
$470 $13,160
108
83
25
The estimated cost of goods sold is $
$965
$2,125
$2,016
$610
value
$41,495
$44,625
$32,256
$17,080
$135,456
Transcribed Image Text: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
$1,760
Beginning inventory
February 5
February 9
March 3
Units sold
The cost of goods sold is $
(Type an integer or a decimal.)
45
25
15
28
80
$955
$470
$2,115
$1,208
$600
***
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