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Category > Management Posted 03 Feb 2018 My Price 8.00

Phillips Supply

Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physical inventory. Phillips has provided the following inventory data:

 

  Cost Price Retail Selling Price
Inventory of merchandise, June 30 $ 294,000 $ 495,000
Purchases during July   222,000   402,000
 
Goods available for sale during July $ 516,000 $ 897,000
Net sales during July     $ 370,000

 

a.

Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Round yourintermediate calculations to 4 decimal places.Omit the "$" sign in your response.)

 

   
Estimated cost of goods sold $
Estimated ending inventory $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Feb 2018 09:02 PM My Price 8.00

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