Question
Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. $148,700 Inventory, May 1 Purchases (gross) 678,400 30,500 Freight-in Sales revenue 1,095,000 Sales returns 70,300 Purchase discounts 11,800 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, e.g. 78.74% and final answer to O decimal places, e.g. 6,225.) $ The estimated inventory at May 31
Answers
Answer
- Requirement 1
Beginning Inventory
$148,700
Plus: Net Purchases
$666,600
Freight In
$30,500
Cost of Goods available for sale
$845,800
Less: Cost of Goods Sold
Net Sales
$1,024,700
Less: Estimated Gross Profits
$256,175
Estimated Cost of Goods Sold
$768,525
Estimated cost of inventory 31 May
$77,275 ANSWER
- Requirement 2
Beginning Inventory
$148,700
Plus: Net Purchases
$666,600
Freight In
$30,500
Cost of Goods available for sale
$845,800
Less: Cost of Goods Sold
Estimated Cost of Goods Sold
[$1024700 / 125%]
$819,760
Estimated cost of inventory 31 May
$26,040 Answer
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