(2 different questions) Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit isrealized on sales and net sales are $115,070.Units Cost per Total Retail price Total retailper unitDate of purchaseBeginning inventoryFebruary 5February 19March 3Goods available forsaleUnits soldEnding inventorypurchased unit43211628cost$840 $36,120$1,750 $36,750$965 $15,440$470 $13,1601088325The estimated cost of goods sold is $$965$2,125$2,016$610value$41,495$44,625$32,256$17,080$135,456 Use the following inventory table to find the cost of goods sold using the last-in, first-out (LIFO) inventory method.Date of purchase Units purchased. Cost per unit Retail price per unit$860$985$1,760Beginning inventoryFebruary 5February 9March 3Units soldThe cost of goods sold is $(Type an integer or a decimal.)4525152880$955$470$2,115$1,208$600***

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Description: (2 different questions) Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit isrealized on sales and net sales are $115,070.Units Cost per Total Retail price Total

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Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456

Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,070. Units Cost per Total purchased unit 43 cost $840 $36,120 $1,750 $36,750 $965 21 $2,125 $965 $15,440 $2,016 $470 $13,160 $610 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 16 28 108 83 25 The estimated cost of goods sold is $ Retail price Total retail per unit value $41,495 $44,625 $32,256 $17,080 $135,456

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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