Question

Flint Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly...

Flint Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Inventory, May 1 $ 364,000
Purchases 730,000
Freight–in 52,000
Sales 1,270,000
Sales returns 75,100
Purchase discounts 11,100

Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%.

Estimated inventory, May 31 $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented...
Mark Price Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 164,700 Purchases (gross) 651,400 Freight-in 31,400 Sales revenue 1,064,600 Sales returns 82,400 Purchase discounts 13,020 Compute the estimated inventory at May 31, assuming that the gross profit is 30% of sales
Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Buffalo Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 156,000 Purchases (gross) 663,700 Freight-in 31,500 Sales revenue 1,061,800 Sales returns 72,100 Purchase discounts 13,100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Sheridan Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sheridan Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 159,500 Purchases (gross) 593,300 Freight-in 32,900 Sales revenue 974,400 Sales returns 75,900 Purchase discounts 10,800 Compute the estimated inventory at May 31, assuming that the gross profit is 35% of cost.
Hornacek Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Hornacek Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $  110,000 Purchases (gross) 620,000 Freight-in 32,000 Sales revenue 1,050,000 Sales returns 70,000 Purchase discounts 18,000 Instructions (a)   Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. (b)   Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.
Sheridan Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sheridan Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 159,500 Purchases (gross) 593,300 Freight-in 32,900 Sales revenue 974,400 Sales returns 75,900 Purchase discounts 10,800 Compute the estimated inventory at May 31, assuming that the gross profit is 35% of COST. NOT NET SALES
Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Blossom Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1       $ 160,700 Purchases (gross)       595,100 Freight-in       28,600 Sales revenue       1,028,100 Sales returns       74,200 Purchase discounts       11,600    Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31       $ LINK TO TEXT    Compute the...
Vaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Vaughn Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 167,300 Purchases (gross) 580,800 Freight-in 32,100 Sales revenue 979,300 Sales returns 73,300 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31 Compute the estimated inventory...
lint Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
lint Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 171,100 Purchases (gross) 686,700 Freight-in 28,700 Sales revenue 1,067,400 Sales returns 63,300 Purchase discounts 11,300 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated inventory at May 31 Compute the estimated inventory...
Exercise 9-14 Nash Company uses the gross profit method to estimate inventory for monthly reporting purposes....
Exercise 9-14 Nash Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 145,400 Purchases (gross) 658,600 Freight-in 27,700 Sales revenue 990,600 Sales returns 76,300 Purchase discounts 11,900 Your answer is incorrect. Try again. Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $enter the dollar amount of the estimated...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold...
Henderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $122,000. The following information for the month of August was available from company records: Purchases $ 218,000 Freight-in 5,100 Sales 349,000 Sales returns 8,900 Purchases returns 4,200 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT