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Need assistance with Gross Profit
Hello,
I am having a hard time understanding how to do this as it is not explained well in my book but I am trying very hard to know how to do this type of problem, please help me to understand how to do this. I really appreciate your help! Determine the Gross Profit to be recognized under each of the methods required below. On September 1, 2006, the Scout Co. sold inventory for $50,000. Terms of the same called for a down payment of $5,000 and three annual installments of $15,000 due on each September 1, beginning September 1, 2007. The inventroy cost Scout $20,000. A. Point of Delivery Method - Gross Profit 2006_____ 2007_____ 2008_____ 2009______ B. Installment Method - Gross Profit 2006_____ 2007_____ 2008_____ 2009______ C. Cost Recovery Method - Gross Profit 2006_____ 2007_____ 2008_____ 2009______ |
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