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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 $115,060. Units purchased unit 41 $860 22 $1,750 $965 $14,475 $480 $13,920 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 29 107 80 27 Cost per Total Retail price Total retail cost per unit $35,260 $38,500 The estimated cost of goods sold is $ $975 $2,115 $1,996 $610 value $39,975 $46,530 $29,940 $17,690 $134,135

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 $115,060. Units purchased unit 41 $860 22 $1,750 $965 $14,475 $480 $13,920 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 29 107 80 27 Cost per Total Retail price Total retail cost per unit $35,260 $38,500 The estimated cost of goods sold is $ $975 $2,115 $1,996 $610 value $39,975 $46,530 $29,940 $17,690 $134,135

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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**Inventory Table and Gross Profit Inventory Method Explanation** The table provides data to estimate the ending inventory and cost of goods sold, using the gross profit inventory method, with the assumption of a 30% gross profit on sales. Given net sales are $115,060. **Table Breakdown:** 1. **Beginning Inventory:** - **Units:** 41 - **Cost per Unit:** $860 - **Total Cost:** $35,260 - **Retail Price per Unit:** $975 - **Total Retail Value:** $39,975 2. **Purchases:** - **February 5:** - **Units:** 22 - **Cost per Unit:** $1,750 - **Total Cost:** $38,500 - **Retail Price per Unit:** $2,115 - **Total Retail Value:** $46,530 - **February 19:** - **Units:** 15 - **Cost per Unit:** $965 - **Total Cost:** $14,475 - **Retail Price per Unit:** $1,996 - **Total Retail Value:** $29,940 - **March 3:** - **Units:** 29 - **Cost per Unit:** $480 - **Total Cost:** $13,920 - **Retail Price per Unit:** $610 - **Total Retail Value:** $17,690 3. **Summary:** - **Total Units Available for Sale:** 107 - **Units Sold:** 80 - **Ending Inventory:** 27 - **Total Retail Value Available:** $134,135 ### Key Calculation: - **Estimated Cost of Goods Sold (COGS):** (Calculation not provided in the image; follows the gross profit method with given percentages.) This data is crucial in educating students or practitioners on inventory management and cost estimation techniques using retail inventory and cost data.
Transcribed Image Text:**Inventory Table and Gross Profit Inventory Method Explanation** The table provides data to estimate the ending inventory and cost of goods sold, using the gross profit inventory method, with the assumption of a 30% gross profit on sales. Given net sales are $115,060. **Table Breakdown:** 1. **Beginning Inventory:** - **Units:** 41 - **Cost per Unit:** $860 - **Total Cost:** $35,260 - **Retail Price per Unit:** $975 - **Total Retail Value:** $39,975 2. **Purchases:** - **February 5:** - **Units:** 22 - **Cost per Unit:** $1,750 - **Total Cost:** $38,500 - **Retail Price per Unit:** $2,115 - **Total Retail Value:** $46,530 - **February 19:** - **Units:** 15 - **Cost per Unit:** $965 - **Total Cost:** $14,475 - **Retail Price per Unit:** $1,996 - **Total Retail Value:** $29,940 - **March 3:** - **Units:** 29 - **Cost per Unit:** $480 - **Total Cost:** $13,920 - **Retail Price per Unit:** $610 - **Total Retail Value:** $17,690 3. **Summary:** - **Total Units Available for Sale:** 107 - **Units Sold:** 80 - **Ending Inventory:** 27 - **Total Retail Value Available:** $134,135 ### Key Calculation: - **Estimated Cost of Goods Sold (COGS):** (Calculation not provided in the image; follows the gross profit method with given percentages.) This data is crucial in educating students or practitioners on inventory management and cost estimation techniques using retail inventory and cost data.
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