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please do all parts I have posted everything the problem provides profit Data table Inventory, May 1 Transactions May 1-15: Purchases Purchases discounts Purchase returns
please do all parts
I have posted everything the problem provides
profit Data table Inventory, May 1 Transactions May 1-15: Purchases Purchases discounts Purchase returns Sales $ 57,300 490,100 10,000 70,400 668,000 x Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net purchases Estimated cost of goods sold: Less: Estimated cost of goods sold Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for May 1 to May 15 for this product through gross profit. Show the detailed computations of co Begin by showing the detailed computations of cost of goods sold. Add: Less: Less: Cost of goods sold Now prepare the May income statement for this product through gross profit. Greenwich Company Income Statement (partial) Period Ending May 15 (date of the Fire) Gross profit Greenwich Company, a camera store, lost some inventory in a fire on May 15. To fle an insurance daim, the company must estimate its May 15 inventory using the gross proft method. For the past two years, Greenwich Company's gros profe has averaged 44% of net sales. Its inventory records reveal the following data Click the icon to view the data) urmets Read the Add: Net purchas Estimated cost of goods sold LASE Estimated cost of goods sold Estimated cost of ending inventory Requirement 2. Prepare the income statement for May 1 to May 15 for this product through gross profit Show the detailed computations of cost of goods sold in a separate schedule Begin by showing the detailed computations of cost of goods sold Add: Lese Step by Step Solution
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