Reference no: EM131295245
Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following historical data were taken from the 2016 and 2017 accounting records:
2016 2017
Net sales $ 158,000 $ 200,000
Cost of goods sold 71,700 82,240
At the end of the first quarter of 2018, Toyland’s ledger had the following account balances:
Sales $ 235,000
Purchases 161,000
Beginning inventory 1/1/2018 64,400
Ending inventory 3/31/2018 96,000
Based on purchases and sales, the Toyland accountant thinks inventory is low.
Required
Using the information provided, estimate the following for the first quarter of 2018:
a. Cost of goods sold. (Use average cost of goods sold percentage.) (Round your intermediate percentage values to 2 decimal places and final answers to nearest whole dollar amount.)
Cosy of goods sold ------
b. Ending inventory at March 31 based on the historical cost of goods sold percentage.
Estimated ending Inventory ------
c. Inventory shortage
Estimated Inventory shortage ------
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