Sarasota Company uses the gross profit method to estimate Inventory for monthly reporting purposes. Presented below is information for the month of May Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $165,900 633,400 (b) 30,300 998.100 64,700 11,400 Your answer is correct. Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ eTextbook and Media The estimated Inventory at May 31 118150 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to 0 decimal places, eg. 6,225) $ Attempts: unlimited
Sarasota Company uses the gross profit method to estimate Inventory for monthly reporting purposes. Presented below is information for the month of May Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $165,900 633,400 (b) 30,300 998.100 64,700 11,400 Your answer is correct. Compute the estimated Inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ eTextbook and Media The estimated Inventory at May 31 118150 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to 0 decimal places, eg. 6,225) $ Attempts: unlimited
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $165,900 (b) 633,400 30,300 998,100 64,700 11,400 Your answer is correct. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $ eTextbook and Media 118150 The estimated inventory at May 31 $ Attempts: unlimited Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to O decimal places, e.g. 6,225.)
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