Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 29 Mar 2018 My Price 6.00

Henderson Company

Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its ban. inventory on hand at the end of july was 127,000. the following information for the month of august was avaiable from company records.

purchases-228000

freight in-6100

sales-359000

sales returns-9900

purchase returns-5200

In addition the controller is aware of 10,000 of inventory that was stolen during august from one of the company warehouses.

1)calculate the estimated inventory at the end of august assuming a gross profit ratio of 30%=

2)calculate the estimated inventory at the end of august assuming a markup on cost of 25%=

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Mar 2018 01:03 PM My Price 6.00

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