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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
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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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 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
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 ***
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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