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Estimating ending inventory by the gross profit method and preparing the income state
I have the inventory plus the total purchases made and don't have a ending inventory yet. I began with inventory of: 268,000 and added net pruchase of 7,661,000. Now cost of goods sold would be ? To get my ending inventory. Also I need to do a income statement through the gross profit.
Inventory $268,000 Transactions for the month Purchases $7,661,000 Purchase discounts $ 171,000 Purchase returns $32,000 Sales $ 8,788,000 Sales returns $35,000 |
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Beginning inventory 752880 Cost of goods purchased 2159630 Sales 3710250 Sales returns 74200
Bradley Corp produces a product with the following costs as of July 1, 2007: Material: $2 per unit; Labor $4 per unit: Overhead: $2 per unit Beginnning inventory: at these costs on July 1st, was 3000 units. From July 1 - Dec 1, 2007, Bradley produced 13,000 units. These units had:...
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