Homework Answers
| Ans. | Option 2nd $1,652,000 | |||||
| *Calculations and Explanations: For the calculation of ending merchandise inventory, we need to compute | ||||||
| the cost of goods sold. | ||||||
| *Gross profit is 25% of sales it means the cost of goods sold is 75% of sales because gross profit is the | ||||||
| difference between sales and cost of goods sold. | ||||||
| Cost of goods sold = Sales * Cost of goods sold percentage on sales | ||||||
| $3,800,000 * 75% | ||||||
| $2,850,000 | ||||||
| Cost of goods sold = Beginning merchandise inventory + Merchandise purchased - Ending merchandise inventory | ||||||
| $2,850,000 = $1,500,000 + $3,002,000 - Ending merchandise inventory | ||||||
| $2,850,000 = $4,502,000 - Ending merchandise inventory | ||||||
| Ending merchandise inventory = $4,502,000 - $2,850,000 | ||||||
| Ending merchandise inventory = $1,652,000 | ||||||
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inventory values and prepare the necessary adjustments to the
books. The following information is given to you.
1.
Blossom uses the periodic method of recording inventory. A
physical count reveals $446,291 of inventory on hand at December
31, 2017.
2.
Not included in the physical count of inventory is $25,498 of
merchandise purchased on December 15 from Browser. This merchandise
was shipped f.o.b. shipping point on December 29 and arrived...
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