Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220 Cost per Total Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 43 20 17 29 109 83 26 Retail price Total retail cost per unit $965 $35,690 $1.760 $35,200 $2,105 $975 $16,575 $2,006 $490 $14,210 $600 unit $830 The estimated cost of goods sold is $ CREED value $41,495 $42.100 $34,102 $17,400 $135,097

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220 Cost per Total Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 43 20 17 29 109 83 26 Retail price Total retail cost per unit $965 $35,690 $1.760 $35,200 $2,105 $975 $16,575 $2,006 $490 $14,210 $600 unit $830 The estimated cost of goods sold is $ CREED value $41,495 $42.100 $34,102 $17,400 $135,097

Name: KUse the inventory table and the gross profit inventory method to est
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Description: KUse the inventory table and the gross profit inventory method to estimate the ending inventory andcost of goods sold if a 40% gross profit is realized on sales and net sales are $115,220Cost per TotalRetail price Total retailper unitDate of purchas

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 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
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Give me correct answer with explanation.vi
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