Ask Experts Questions for FREE Help !
Ask
    ivory5130's Avatar
    ivory5130 Posts: 55, Reputation: 1
    Junior Member
    		  
    #1

    May 6, 2007, 10:10 AM
    Gross profit method
    Does anyone know anything about this at all.:confused:

    Gross profit rate averages 30%


    Jan 1. beginning inventory 752,880
    Cost of goods purchased 2,159,630
    Sales 3,710,250
    Sales returns 74,200



    Use the gross prfit method toestimate the company's first quarter ending inventory.


    It says that my estim. Ending inventory should be 367,275 but I am not coming up with that. Help!!
    masud's Avatar
    masud Posts: 26, Reputation: 2
    New Member
    		  
    #2

    May 7, 2007, 04:07 AM
    Sales 3710250
    Slaes return 74200
    Net sales 3636050 100%

    Cost of sales

    Opening inventory 752880
    Purcases 2159630
    Closing inventory 367275
    2545235 70%
    Gross profit 1090815 30%
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Absorption Costing Method and Marginal Costing Method [ 0 Answers ]

A company's normal capacity utilization is reckoned as 90%, it has a production capacity of 200000 units per year. Standard variable production cost and the variable selling cost are Rs. 11 and Rs. 3 per unit respectively. However the fixed cost and the fixed selling cost are rs. 360000 and Rs....

Going from for-profit or LLC to non-profit [ 2 Answers ]

How would a company go from being an LLC to a non-profit? I realized my company does a lot of events around philanthropy and our organization mission is very aligned w/ that of many 501(c)3's. Where/who would I find out this kind of information from? A lawyer? A website? If someone could point me...

Gross hair [ 2 Answers ]

I have dark hairs that grow reeeeally noticeably all over my stomach. I used to shave them until I noticed it getting worse. Is this normal for anyone? Its really gross. I also have hair around my butt and upper legs big time. Also my upper lip which I remove but is still gross. This doesn't seem...

View more questions Search