Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ending inventory (at cost) at the end of July: Req. 3 (table 3): Gross profit margin for the month of July, based on provided CoGS:
Ending inventory (at cost) at the end of July: Req. 3 (table 3): Gross profit margin for the month of July, based on provided CoGS: Sunshine Pets Ltd. holds beginning inventory of 13 bags of health science cat food at a cost of \\( \\$ 24 \\) each, as at July 1 . During the month of July, the company has recorded the following purchases and sales (see table below). Sunshine Pets Ltd. is using the perpetual inventory method and follows the weighted average cost method. Assume that all purchase and sales transactions have been made in cash. Req. 1: Prepare the four required journal entries for the puchase and selling transactions listed in the table above. Use table 1 below for your answer. Req. 2: Calculate Sunshine Pet's ending inventory cost (\\$-amount) at the end of July. Enter the amount in table 2 below. Required format: plain number (no \\$-sign, etc.), round to two digits. Req. 3: Disregard your own calucations for the cost of goods sold and assume they are \\( \\$ 312.00 \\). Calculate the gross profit margin (i.e., gross profit percentage) and enter your response in table 3 below. Required format: enter percentage as plain number (no\\%-sign, etc.), round to two digits. E.g. if the calculated result is 0.64582 , enter 64.58 Scroll down further if you don't see all the response boxes in the window. Req. 1 (table 1): Enter journal entries in the table below. Leave unused rows blank. Ending inventory (at cost) at the end of July: Req. 3 (table 3): Gross profit margin for the month of July, based on provided CoGS: Sunshine Pets Ltd. holds beginning inventory of 13 bags of health science cat food at a cost of \\( \\$ 24 \\) each, as at July 1 . During the month of July, the company has recorded the following purchases and sales (see table below). Sunshine Pets Ltd. is using the perpetual inventory method and follows the weighted average cost method. Assume that all purchase and sales transactions have been made in cash. Req. 1: Prepare the four required journal entries for the puchase and selling transactions listed in the table above. Use table 1 below for your answer. Req. 2: Calculate Sunshine Pet's ending inventory cost (\\$-amount) at the end of July. Enter the amount in table 2 below. Required format: plain number (no \\$-sign, etc.), round to two digits. Req. 3: Disregard your own calucations for the cost of goods sold and assume they are \\( \\$ 312.00 \\). Calculate the gross profit margin (i.e., gross profit percentage) and enter your response in table 3 below. Required format: enter percentage as plain number (no\\%-sign, etc.), round to two digits. E.g. if the calculated result is 0.64582 , enter 64.58 Scroll down further if you don't see all the response boxes in the window. Req. 1 (table 1): Enter journal entries in the table below. Leave unused rows blank
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started