Reference no: EM131772782
Part 1 Gross Profit Method
King Co. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000; freight-in, $6,800; purchase returns and allowances, $4,800. Sales are made at 25% above cost and totaled 200,000 to March 9. Goods costing $21,800 were left undamaged by the fire; remaining goods were destroyed.
Instructions
(a) Compute the cost of goods destroyed.
(b) Compute the cost of goods destroyed, assuming that the gross profit is 25% of sales.
Part 2 Retail Inventory Method
Presented below is information related to Greene Company.
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Cost
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Retail
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Beginning Inventory
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$50,000
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$70,000
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Purchases
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343,750
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535,000
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Markups
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23,750
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Markup cancellations
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3,750
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Markdowns
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8,750
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Markdown cancellations
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1,250
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Sales
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550,000
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Instructions - Compute the inventory by the conventional retail inventory method.
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