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Q. Explain about Gross margin method?
The steps in computing ending inventory under the gross margin method are
- Estimate gross margin based on net sales using the similar gross margin rate experienced in prior accounting periods.
- Determine approximate cost of goods sold by deducting estimated gross margin from net sales.
- Determine approximate ending inventory by deducting estimated cost of goods sold from cost of goods available for sale.Therefore the gross margin method estimates ending inventory by deducting estimated cost of goods sold from cost of goods available for sale.
The gross margin method presumes that a fairly stable relationship exists between gross margin and net sales. In other words gross margin has been a reasonably constant percentage of net sales and this relationship has continued into the current period. If this percentage relationship has changed the gross margin method doesn't yield satisfactory results.
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
on..
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Q. What is Marketable securities? Marketable securities are temporary investments such like short-term ownership of stocks and bonds of other companies. Such investments don't
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin
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