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Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P...

Question:

Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory

Finish attempt ... Support Question 2 Not changed since last attempt Marked out of 1.00 P Flay, question Estimating Inventory Using Gross Profit Method Assume that we are auditing the records of Forde Corporation. A physical inventary has been taken by the company under our observation. However, the valuation extensions have not beeri completed. The records of the company show the following account data. The gross margin last period was 35% of net sales; we anticipate that it will be 25% for the year under audit. Sales, gross $1,008,000 Beginning inventory $320,000 Sales returns (returned to inventory) 16,000 Freight-in 22,400 Purchases, gross 496,000 Purchase returns and allowances 6,400 Estimate the cost of ending inventory using the gross profit method. $ 25,200 Check Previous 9 Save Answers Next >

Answers

Beginning inventory 320000
Add: Purchases, gross 496000
Less: Purchase return and allowances -6400
Add: Freight-in 22400
Cost of goods available 832000
Sales, gross 1008000
Less: Sales returns -16000
Net sales 992000
Less: Gross profit -248000 =992000*25%
Cost of goods sold 744000
Cost of goods available 832000
Less: Cost of goods sold 744000
Cost of ending inventory 88000
.

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