Using gross profit method to estimate ending inventory. Current year sales and cost of inventory for sale are $700,000 and $540,000. Historical gross profit is 40%. What is ending inventory? Calculate the Cost of Goods Sold from the following data: Cartage outwards 8,500, Insurance 10,900, Customs duty 5,400, Purchases 58,300, Stock (opening) 3,950, Cartage inwards, 6,200, Stock (closing) 5,700, Purchases returns 1,000, Sales commissions 5,300
Using gross profit method to estimate ending inventory. Current year sales and cost of inventory for sale are $700,000 and $540,000. Historical gross profit is 40%. What is ending inventory? Calculate the Cost of Goods Sold from the following data: Cartage outwards 8,500, Insurance 10,900, Customs duty 5,400, Purchases 58,300, Stock (opening) 3,950, Cartage inwards, 6,200, Stock (closing) 5,700, Purchases returns 1,000, Sales commissions 5,300
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.12AMCP
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