Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physlcal count of inventory. During the last five years, the company's gross profit rate has averaged 47%. The following Information for the year's first quarter is avallable from Its records: January 1 beginning inventory Purchases $ 350, 260 995, 200 Purchase returns 14,ese Transportation-in 7,900 1,291,15e 9,95e Sales Sales returns Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale: Goods available for sale Estimated cost of goods sold:
Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physlcal count of inventory. During the last five years, the company's gross profit rate has averaged 47%. The following Information for the year's first quarter is avallable from Its records: January 1 beginning inventory Purchases $ 350, 260 995, 200 Purchase returns 14,ese Transportation-in 7,900 1,291,15e 9,95e Sales Sales returns Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale: Goods available for sale Estimated cost of goods sold:
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter8: Gross Profit Method (gp)
Section: Chapter Questions
Problem 1R: On September 30, 2013, the general ledger of Leons Golf Shop, which uses the calendar year as its...
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