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 $115,990. Date of purchase Units Cost per Total Retail price Total retail purchased unit cost per unit value Beginning inventory 41 $830 $34,030 $985 $40,385 February 5 20 $1,750 $35,000 $2,115 $42,300 February 19 15 $975 $14,625 $1,996 $29,940 March 3 28 $470 $13,160 $610 $17,080 Goods available for sale 104 $129,705 Units sold 81 Ending inventory 23 The estimated cost of goods sold is $

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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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 40% gross profit is realized on sales and net sales
are $115,990.
Date of purchase
Units Cost per
Total
Retail price Total retail
purchased
unit
cost
per unit
value
Beginning inventory
41
$830
$34,030
$985
$40,385
February 5
20
$1,750
$35,000
$2,115
$42,300
February 19
15
$975
$14,625
$1,996
$29,940
March 3
28
$470
$13,160
$610
$17,080
Goods available for
sale
104
$129,705
Units sold
81
Ending inventory
23
The estimated cost of goods sold is $
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 40% gross profit is realized on sales and net sales are $115,990. Date of purchase Units Cost per Total Retail price Total retail purchased unit cost per unit value Beginning inventory 41 $830 $34,030 $985 $40,385 February 5 20 $1,750 $35,000 $2,115 $42,300 February 19 15 $975 $14,625 $1,996 $29,940 March 3 28 $470 $13,160 $610 $17,080 Goods available for sale 104 $129,705 Units sold 81 Ending inventory 23 The estimated cost of goods sold is $
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