The August 1 inventory of Hawkins Company had a cost of $78,000 and a retail value of $113,000. During August, merchandise was purchased for $94,040 and marked to sell for $140,000. August sales totaled $124,000.

Required:

1. Compute the retail value of the ending inventory as of August 31.
2. Compute the approximate cost of the ending inventory.
3. Compute the cost of goods sold during August.

Analyze: What is the amount of estimated gross profit on sales for the month ending August 31?

Required 1 Required 2 Required 3 Analyze Compute the retail value of the ending inventory as of August Beginning inventory, August 1 Purchases Total merchandise available for sale Less: Sales Ending inventory at retail Cost $ 78,000 94,040 $ 172,040 Retail $ 113,000 140,000 $ 253,000 Required 1 Required 2 Required 3 Analyze ------------- Compute the approximate cost of the ending inventory. (Round your intermediate calculations to 2 decimal places.) Ending inventory at cost Required 1 Required 2 Required 3 Analyze Compute the cost of goods sold during August. (Round your intermediate calculations to 2 decimal places.) ods sold Cost of goods sold Required 1 Required 2 Required 3 Analyze What is the amount of estimated gross profit on sales for the month ending August 31? (Round your intermediate calcula to 2 decimal places.) Estimated gross profit