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Category > Accounting Posted 12 Jul 2017 My Price 10.00

COGS model to make management decisions

P6-73B (Learning Objective 5: Use the COGS model to make management decisions, and estimate inventory by the gross profit method) Assume Young Company, a music store, lost some inventory in a fire on March 15. To file an insurance claim, Young Company must estimate its March 15 inventory by the gross profit method. Assume that for the past two years, Young Company’s gross profit has averaged 44% of net sales. Suppose Young Company’s inventory records reveal the following data:

 

 

 

Inventory, March 1 ..................

$  57,300

Transactions during March:

 

Purchases .................................

490,700

Purchase discounts ...................

17,000

Purchase  returns.......................

70,000

Sales  .........................................

660,000

Sales returns .............................

13,000

 

 

 

â–¶ Requirements

1.   Estimate the cost of the lost inventory using the gross profit method.

2.   Prepare the March income statement for this product through gross profit. Show the detailed computation of cost of goods sold in a separate schedule.

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Maurice Tutor
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Status NEW Posted 12 Jul 2017 08:07 AM My Price 10.00

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