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Accounting (Text Only)
Gross profit method
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales | $1,450,000 |
| Estimated gross profit rate | 42% |
| Beginning merchandise inventory | $ 100,000 |
| Purchases (net) | 860,000 |
| Merchandise available for sale | $ 960,000 |
Gross profit method
This method is use the estimated gross profit for the period to evaluate and ascertain the ending inventory for the period. The gross profit for the period is calculated from the preceding year, which is adjusted for any current period changes in the sales and cost price of the inventory.
To estimate: cost of ending merchandise inventory.
The estimated cost of merchandise sold is calculated by deducting the estimated gross profit from the sales. The estimated gross profit is determine...
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