Help 00 8 Henderson Company uses the gross profit method to estimate ending Inventory and cost of goods sold when prepar

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Help 00 8 Henderson Company Uses The Gross Profit Method To Estimate Ending Inventory And Cost Of Goods Sold When Prepar 1 (23.58 KiB) Viewed 53 times

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Help 00 8 Henderson Company uses the gross profit method to estimate ending Inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $125,500. The following Information for the month of August was available from company records Ints Purchases Freight-in Sales Sales returne Purchases returns $225,000 5,800 356,000 9.600 4,900 02.38.40 In addition, the controller is aware of $10,000 of inventory that was stolen during August from one of the company's warehouses. Required: 1. Calculate the estimated Inventory ot the end of August, assuming a gross profit ratio of 30% 2. Calculate the estimated Inventory at the end of August, assuming a markup on cost of 25%. eBook 1 2 Estimated ending inventory Estimated ending inventory
Andover Stores uses the average cost retail method to estimate its ending inventory. Information as of June 30, 2021, is as follows: 9 Beginning inventory Net purchases Not onlos Coat $ 41,000 241.000 Retail 5 78.000 422.000 396,000 oints 8 540 Required: Use the retail method to estimate the June 30, 2021, Inventory (Round "Cost-to-retail percentago" to 1 decimal place.) Estimated ending inventory (At Retail Estimated ending inventory (At Cost) Book
10 Murdock Industries uses a periodic inventory system and the LIFO retail method to estimate its ending inventories. The following data has been summarized for December 31, 2021 coat $112,000 325,080 Inventory. January 1 Purchases Net markups Net markdown Not sales Rotall 5161,000 538,000 14,200 8,400 518,000 02.58.35 Required: Estimate the LIFO cost of ending inventory. Assume stable retail prices during the period. (Do not round your "Cost-to-retail percentage" and round your final answer to the nearest whole number.) Book Estimated ending inventory