PROBLEM 2: FOR CLASSROOM DISCUSSIONGross profit rate1. The following data relate to the records of Poweli Corp. for themonth of September:Sales .P160,000Beginning inventoryPurchases ..P 20,000180,000P200,000Goods available for saleRequirements: Using these data, estimate the cost of endinginventory for each situation below:a)b)Markup is 50 percent on cost.Markup is 60 percent on sales.Markup is 25 percent on cost.Markup is 40 percent on sales.c)d)

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PROBLEM 2: FOR CLASSROOM DISCUSSION Gross profit rate 1. The following data relate to the records of Powell Corp. for the month of September: Sales . P160,000 Beginning inventory Purchases . Goods available for sale P 20,000 180,000 P200,000 Requirements: Using these data, estimate the cost of ending inventory for each situation below: a) b) Markup is 50 percent on cost. Markup is 60 percent on sales. Markup is 25 percent on cost. c)

PROBLEM 2: FOR CLASSROOM DISCUSSION Gross profit rate 1. The following data relate to the records of Powell Corp. for the month of September: Sales . P160,000 Beginning inventory Purchases . Goods available for sale P 20,000 180,000 P200,000 Requirements: Using these data, estimate the cost of ending inventory for each situation below: a) b) Markup is 50 percent on cost. Markup is 60 percent on sales. Markup is 25 percent on cost. c)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1WT

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