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Category > Business & Finance Posted 21 May 2017 My Price 11.00

PR 6-7B Retail method; gross profit method

PR 6-7B Retail method; gross profit method

Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows:

 

Cost

Retail

Jaffe Co.

    

Merchandise inventory, February 1

$ 400,000

$ 615,000

Transactions during February:

    

Purchases (net)

4,055,000

5,325,000

Sales

  

5,220,000

Sales returns and allowances

  

120,000

Coronado Co.

    

Merchandise inventory, May 1

$ 400,000

  

Transactions during May thru October:

    

Purchases (net)

3,150,000

  

Sales

4,850,000

  

Sales returns and allowances

100,000

  

Estimated gross profit rate

35%

  

Instructions

1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations.

2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations.

b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that $366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May thru October?

 

 

 

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Status NEW Posted 21 May 2017 08:05 AM My Price 11.00

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