Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,060. Units purchased unit 41 $860 22 $1,750 $965 $14,475 $480 $13,920 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 29 107 80 27 Cost per Total Retail price Total retail cost per unit $35,260 $38,500 The estimated cost of goods sold is $ $975 $2,115 $1,996 $610 value $39,975 $46,530 $29,940 $17,690 $134,135
Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is realized on sales and net sales are $115,060. Units purchased unit 41 $860 22 $1,750 $965 $14,475 $480 $13,920 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 15 29 107 80 27 Cost per Total Retail price Total retail cost per unit $35,260 $38,500 The estimated cost of goods sold is $ $975 $2,115 $1,996 $610 value $39,975 $46,530 $29,940 $17,690 $134,135
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
100%
This question has 2 parts.
![Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is
realized on sales and net sales are $115,060.
Units Cost per
Date of purchase
Beginning inventory
February 5
February 19
March 3
Goods available for
sale
Units sold
Ending inventory
Total
cost
$35,260
$1,750 $38,500
$965 $14,475
$480
$13,920
purchased unit
41
$860
22
15
29
107
80
27
The estimated cost of goods sold is $
Retail price Total retail
per unit
$975
$2,115
$1,996
$610
value
$39,975
$46,530
$29,940
$17,690
$134,135](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2Fbc2df7ca-fe9c-4549-b3b6-96661c1390c0%2F6brwphm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the inventory table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 30% gross profit is
realized on sales and net sales are $115,060.
Units Cost per
Date of purchase
Beginning inventory
February 5
February 19
March 3
Goods available for
sale
Units sold
Ending inventory
Total
cost
$35,260
$1,750 $38,500
$965 $14,475
$480
$13,920
purchased unit
41
$860
22
15
29
107
80
27
The estimated cost of goods sold is $
Retail price Total retail
per unit
$975
$2,115
$1,996
$610
value
$39,975
$46,530
$29,940
$17,690
$134,135
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![Elementary Statistics: Picturing the World (7th E…](https://www.bartleby.com/isbn_cover_images/9780134683416/9780134683416_smallCoverImage.gif)
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
![The Basic Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319042578/9781319042578_smallCoverImage.gif)
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
![Introduction to the Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319013387/9781319013387_smallCoverImage.gif)
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman