Question
Beerbo Inc.'s beginning inventory for March 2020 was $500. During March, Beerbo purchased $5,400 of inventory. Of the March purchases, Beerbo returned $150 and took
Beerbo Inc.'s beginning inventory for March 2020 was $500. During March, Beerbo purchased $5,400 of inventory. Of the March purchases, Beerbo returned $150 and took advantage of $50 in discounts. During March, Beerbo's sales revenue was $5,000.Of the March sales, customers returned $400 and took advantage of $100 in discounts. Beerbo's markup on cost percentage is 25.00% (or 1/4).Beerbo failed to perform a physical inventory acount at month-end because a fire destroyed all but $200 of ending inventory.
Input the appropriate amount for each cell in the tables below. (input dollar amounts with commas, rounded to the nearest cent)
MARCH | |
Net sales | $ |
Cost of goods sold (approximate) | $ |
Gross profit (approximate) | $ |
Beginning inventory | $ |
Net purchases | $ |
Goods available for sale | $ |
Approximate ending inventory (pre-fire) | $ |
Approximate cost of goods sold | $ |
Inventory still on hand | $ |
Inventory destroyed | $ |
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