Question 1

During August,the first month of the fiscal year,sales totaled $875,000 and the cost of merchandise available for sale totaled $850,000.Estimate the cost of the merchandise inventory as of August 31,based on an estimated gross profit rate of 45%.

Accepted Answer

The answer of During August,the first month of the fiscal...

Question 2

Based on the following data,estimate the cost of ending merchandise inventory using the gross profit method.

Accepted Answer

The answer of Based on the following data,estimate the cost...

Question 3

Fill in the missing amounts from the chart below regarding the calculation of Bean Corporation's estimated inventory using the retail method of estimation.

Accepted Answer

The answer of Fill in the missing amounts from the...

Question 4

On the basis of the following data,determine the estimated cost of the inventory as of March 31 by the retail method,presenting details of the computation in good order.

Accepted Answer

The answer of On the basis of the following data,determine...

Quiz 7: Inventories

During August,the first month of the fiscal year,sales totaled $875,000 and the cost of merchandise available for sale totaled $850,000.Estimate the cost of the merchandise inventory as of August 31,based on an estimated gross profit rate of 45%.

Based on the following data,estimate the cost of ending merchandise inventory using the gross profit method.

Fill in the missing amounts from the chart below regarding the calculation of Bean Corporation's estimated inventory using the retail method of estimation.

On the basis of the following data,determine the estimated cost of the inventory as of March 31 by the retail method,presenting details of the computation in good order.