FREE Trial S
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $3,800,000 Estimated gross profit rate 36% Beginning merchandise

image text in transcribed

Gross Profit Method Based on the following data, estimate the cost of the ending merchandise inventory: Sales $3,800,000 Estimated gross profit rate 36% Beginning merchandise inventory $2,416,000 Purchases (net) 245,000 Merchandise available for sale $2,661,000 Cost of Ending Merchandise Inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

EH And S Auditing Made Easy A Checklist Approach For Industry

EH And S Auditing Made Easy A Checklist Approach For Industry

Authors: Kathleen Hess

1st Edition

ISBN: 0865875812, 978-0865875814

Students also viewed these Accounting questions

Question

★★★★★
Let P be a point on a ladder of length a + b, P being a units from the top end. As the ladder slides with its top end on the y-axis and its bottom end on the x-axis, P traces out a curve. Find the...

Answered: 1 week ago

Question

★★★★★
4. (a) What is shadow price? How does the concept relate to the dual of an LP problem? How does it relate to the primal? (b) 'The range of validity of a shadow price can have a finite lower bound and...

Answered: 1 week ago

Question

★★★★★
1. Why would an athlete choose to use an avoidance style of coping as opposed to an approach style? Are these good reasons?

Answered: 1 week ago

Question

★★★★★
During 2015, Kent, a 40-year-old single taxpayer, reports the following items of income and expense: Income: Salary ...$150,000 Dividends from Alta Corporation ... 800 Interest income from a savings...

Answered: 1 week ago

Question

★★★★★
Logistics Solutions provides order fulfilment services for dot com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a...

Answered: 1 week ago

Question

★★★★★
please answer the questions: 1.At a management breakfast, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes...

Answered: 1 week ago

Question

★★★★★
Question 46 1 pts A ship loaded with gold and jewels sank off of the coast of Florida in 1650. A diving company finds the sunken ship in 2022 and claims the gold and jewels. Who would win and why? It...

Answered: 1 week ago

Question

★★★★★
The owners of Pixie, a normally playful puppy, didn't know why she had slowed down and would whine any time she was picked up. The answer came when a veterinarian removed the 7inch long, serrated...

Answered: 1 week ago

Question

★★★★★
In my role as a development finance analyst, it is imperative to thoroughly evaluate the financial feasibility and prospective ramifications of three distinct projects initiated by Godezhy PVT LTD, a...

Answered: 1 week ago

Question

★★★★★
This 4-minute video talks grit. A trait that researchers argue leads to success in school and career. It relates to our topics of emotions and moods. So, let me know what you think about the video....

Answered: 1 week ago

Question

★★★★★
Many large developers have for years "gobbled-up" vacant land, not necessarily for their own development plans, but for resale to other developers (often at premium prices). There has been some...

Answered: 1 week ago

Question

★★★★★
Flexibility. Organizations are introducing new working patterns and abandoning some traditional ones, influenced by economic transformation and savings in labour costs; however, part-time working has...

Answered: 1 week ago

Question

★★★★★
Recruitment and redundancy. Skills shortages as a result of loss of employees and lower wages in the state- and former state-owned organizations has led to targeting of school leavers, the long-term...

Answered: 1 week ago

Question

★★★★★
Underestimation of the complexities of a free market, with a tendency to rely on imported solutions. Western managers, they recommend, should encourage a blend of HRM involving both free market...

Answered: 1 week ago

Previous QuestionNext Question