Inventory - Cost of Sales

Related BrainMass Solutions

• Retail Inventory Method for Greene Company

  Loss due to flood = 200,000-50,000 = $150,000 (b) Gross profit = 25% of cost of goods sold =20% on sales (1-1/.25) Cost of goods sold = Sales X (1- gross profit rate) = 400,000 X (1-0.20) = 320,000 Ending inventory = 100,000+400,000-320,000 = 180,000

• Perpetual & Periodic Inventory System

  Sales ii. Cost of Goods Sold iii. Gross Margin b. Balance Sheet i.

• Inventory turn over rate/cost

  10605 Inventory turn over rate/cost BI:$18,500 (in sales figures)purchases $44,700(at cost)net sales $50,300 (sales figures) markup is 22% based on cost, determine inventory turnover at cost..and at sales price End Inventory = BI+Purchase-Net Sales=18500

• Estimating ending inventory

  Computation of Gross Margin: Sales 240,000 Less: Sales Discounts 0 Net Sales 240,000 x Gross Margin % 56% Gross Margin 134,400 Computation of Cost of Goods Sold: Sales $240,000 Average Cost of Goods Sold % x 44% Cost of

• Computing Cost of Goods Available and Ending Inventory

  for sales Cost of goods available for sale-Ending inventory=Cost of goods sold 23.

• Estimating ending inventory cost

  398114 Estimating Ending Inventory Cost Jan-begiining Inventory $300,260.00 Cost of goods purchased $939,050.00 Sales $ 1,191,150.00 Sales returns $9,450.00 gross profit

• How do you calculate the estimated cost of inventory burned and ending inventory?

  estimated cost of inventory burned and ending inventory.

• Inventory Valuation and Accounts Receivables

  FIFO Cost of Sales Date Description Beginning inventory Purchase Sale Ending inventory Per Unit Cost Beginning inventory Purchase Cost of Sale Ending inventory (value) Beginning Inventory 300

• a small lawn mower business

  Compute the ending inventory and cost of sales for April assuming the use of the periodic inventory system and the a.

• Mark Price Company uses the gross profit method to estimate

  Available for Sale: 818,000 Sales: $ 930,000 Estimated Gross Profit (30%) 245,400 Estimated Cost of Goods Sold: 684,600 Estimated Inventory (Ending) $ 133,400 of cost Total Inventory