Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 9.00

Comstock Company

1. What is the difference between inventory and cost of goods sold? Cost of goods sold and sales revenue?

 

2. Is gross profit an account?

3. Comstock Company counted their inventory at the end of the year and had 220 units. Included in that amount were 20 units Comstock held on consignment from Davidson Inc. Comstock purchased 50 units of inventory on December 27, FOB shipping point. How many units of inventory should Comstock report on its year-end balance sheet?

4. Assume Comstock was unable to count its ending inventory because it was destroyed in a fire. Use the gross profit method to estimate the ending inventory. The gross profit rate is 52%.

Beginning inventory

Ending inventory

Net purchases

Net sales

$ 10,000

?

 

110,000

175,000

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 03:08 PM My Price 9.00

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