(a) Computation of estimated inventory at May, 31, | ||
assuming that the gross profit is 25% of net sales | ||
$ | $ | |
Inventory, May 1 | 160,700.00 | |
Purchases (gross) | 595,100.00 | |
Purchase discounts | (11,600.00) | |
Freight-in | 28,600.00 | |
Goods Available for sale | 772,800.00 | |
Less: | ||
Sales (at selling price) | 1,028,100.00 | |
Sales returns | (74,200.00) | |
Net sales | 953,900.00 | |
Less gross profit (25% of $953,900) | 238,475.00 | |
Sales (at cost) | 715,425.00 | |
Inventory, May 31 | 57,375.00 | |
(b) Computation of estimated inventory at May, 31, | ||
assuming that the gross profit is 25% of cost | ||
$ | $ | |
Inventory, May 1 | 160,700.00 | |
Purchases (gross) | 595,100.00 | |
Purchase discounts | (11,600.00) | |
Freight-in | 28,600.00 | |
Goods Available for sale | 772,800.00 | |
Less: | ||
Sales (at selling price) | 1,028,100.00 | |
Sales returns | (74,200.00) | |
Net sales | 953,900.00 | |
Less gross profit (953900*25/125) | 190,780.00 | |
Sales (at cost) | 763,120.00 | |
Inventory, May 31 | 9,680.00 | |
Exercise 9-14 (Part Level Submission) Sandhill Company uses the gross profit method to estimate inventory for...
Sandhill Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 175,600 Purchases (gross) 617,400 Freight-in 31,700 Sales revenue 973,200 Sales returns 68,100 Purchase discounts 12,900 A.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. B.) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of...
PRINTER VERSION Exercise 9-14 (Part Level Submission) Riverbed Company uses the gross profit method to estimate Inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 171,100 686,700 28,700 1,067,400 63,300 11,300 ▸ (a) (b) Compute the estimated Inventory at May 31, assuming that the gross profit is 30% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74 answer to...
Concord Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 162,000 637,500 28,600 1,031,100 69,600 11,500 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the...
Exercise 9-14 Stellar Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 979,300 Sales returns 73,300 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31 LINK TO...
Exercise 9-14 Vaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 979,300 Sales returns 73,300 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31 LINK TO...
Bramble Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 174,100 688,900 27,300 995,000 73,400 11,600 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 t LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31, assuming...
Kingbird Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $174,100 688,900 27,300 995,000 73,400 11,600 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ e Textbook and Media Compute the estimated inventory at May 31, assuming that the gross...
Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 165,300 Purchases (gross) 619,800 Freight-in 30,100 Sales revenue 940,100 Sales returns 68,700 Purchase discounts 11,600 Compute the estimated inventory at May 31, assuming that the gross profit is 40% of net sales. The estimated inventory at May 31 $ Compute the estimated inventory at May 31, assuming that the gross profit is 40%...
Exercise 9-14 Vaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts 174,600 607,000 29,300 983,300 67,700 12,700 Compute the estimated inventory at May 31, assuming that the gross profit is 20% of net sales. The estimated inventory at May 31 LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the estimated inventory at May 31, assuming...
Exercise 9-14 Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 160,000 640,000 30,000 1,000,000 70,000 12,000 X] your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 30% of net sales. The estimated inventory at May 31 246,000 $ LINK TO TEXT...