Solution-Calculate the estimated inventory at the end of

Calculate the estimated inventory at the end of november

Reference no: EM131000270

Royal Gorge 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 October was $58,500. The following information for the month of November was available from company records:

In addition, the controller is aware of $8,000 of inventory that was stolen during November from one of the company's warehouses.

1870_254-B-A-V-I (792).png

Required:

1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.

2. Calculate the estimated inventory at the end of November, assuming a markup on cost of 100%.

Reference no: EM131000270

Questions Cloud

Determine the magnitude of the effective friction force : A 24-kg wagon accelerates on a horizontal surface at 0.7 m/s2 when pulled by a rope exerting a 120-N force on the wagon at an angle of 25o above the horizontal. Determine the magnitude of the effective friction force exerted on the wagon Express yo..

Positive accounting profits and zero economic profits : What would be a numerical example that would illustrate a situation in which there are positive accounting profits and zero economic profits?

Receives revenues-most successful product in the firm : You are the manager of a firm that receives revenues of $175,000 per year from product X and $50,000 per year from product Y . Both products have similar production costs. The own price elasticity of demand for product X is -1.5, and the cross-price ..

Describe your sample using descriptive statistics : Identify the independent and dependent variables and describe how they are being operationally defined in your research project. Identify the type of data being used. Describe your sample using descriptive statistics

Calculate the estimated inventory at the end of november : Calculate the estimated inventory at the end of November, assuming a markup on cost of 100%.

Suppose that there are two markets : Suppose that there are two markets, given by the following demand curves, q1(p1) and q2(p2); and a monopolist with cost function c(q1; q2). Set up the monopolist's profit maximizing problem if it charges a uniform price in both markets.

Determine the economic profit of a company : How would you determine the economic profit of a company? Should managers maximize economic profit or accounting profit? Why?

Find the ratio wa/wb of the widths of the two slits : A dark fringe in the diffraction pattern of a single slit is located at an angle of θA = 38o. With the same light, the same dark fringe formed with another single slit is at an angle of θB = 62o. Find the ratio WA/WB of the widths of the two slits.

Any factor that is associated with the independent variable : 1.Any factor that is associated with the independent variable and that is not purposely introduced by the researcher is considered a ____ error

User Account

All Pages

Calculate the estimated inventory at the end of november

Reference no: EM131000270

Reference no: EM131000270

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How many dependency exemptions are the following taxpayers

The owner of flaherty accounting services wants to earn a

Travel status requires that the taxpayer be away from home

A man wishes to prepare the future of his 10year old son

The president of the retailer prime products has just

Determine the consolidated balance for land

Private message to instructor tab

The following overhead data are for a department for a

Preparing and selling the bond issue

Characteristics of toyota organizational culture

Write an analytical report on the given article

Which methods would result in estimation of insurance need

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT