Marc price co uses the gross profit method to

Reference no: EM13611810

Marc Price Co. uses the gross profit method to estimateinventory for monthly reporting purposes. Presented below isinformation for themon of May.
Inventory, May1 160,000
Purchases(gross) 640,000
Freight-in 30,000
Sales 1,000,000
Salesreturns 70,000
Purchasediscounts 12,000
a. compute the estimated inventory at May 31, assuming thatthe gross profit is 30% of sales.
b. compute the estimated inventory at May 31, assuming thatthe gross profit is 30% of cost.

Reference no: EM13611810

Questions Cloud

Capitol corp management is expecting a project to generate : capitol corp. management is expecting a project to generate after-tax income of 66901 in each of the next three years.

A 4 kg box is pushed up a frictionless 30 degree incline : a 4 kg box is pushed up a frictionless 30 degree incline with a force of 40n. this 40 n force is parallel to the

The boiler produces 40000 lbmshour of saturated steam and : a boiler produces saturated steam at 100psig pressure. the feedwater condensate returning to the boiler is saturated

An advocacy group is investigating whether gender has an : an advocacy group is investigating whether gender has an effect on job category in large investment firms. given the

Marc price co uses the gross profit method to : marc price co. uses the gross profit method to estimateinventory for monthly reporting purposes. presented below

Problem 102 kingston inc management is considering : problem 10.2 kingston inc. management is considering purchasing a new machine at a cost of 3983214. they expect this

A 4 kg box is pushed up a frictionless 30 degree incline : a 4 kg box is pushed up a frictionless 30 degree incline with a force of 40n. this 40 n force is parallel to the

Nilani company purchased 100 arapaho company bonds on april : nilani company purchased 100 arapaho company bonds on april 12007. the bonds pay interest semiannually on march 31 and

An advocacy group is investigating whether gender has an : an advocacy group is investigating whether gender has an effect on job category in large investment firms. given the

User Account

All Pages