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Category > Accounting Posted 12 Dec 2017 My Price 10.00

to estimate inventory for monthly reporting purposes

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 $ 177,100
Purchases (gross) 642,400
Freight-in 30,100
Sales revenue 1,052,000
Sales returns 81,600
Purchase discounts 12,500

 

(a) Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales.

 

The estimated inventory at May 31 $

 

(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% and final answer to 0 decimal places, e.g. 6,225.)

The estimated inventory at May 31

 

Answers

CourseLover
(12)
Status NEW Posted 12 Dec 2017 02:12 PM My Price 10.00

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