Question:Exercise 9-14
Nash Company uses the gross profit method to estimate inventory for
monthly reporting purposes....
Question
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 inventory at May
31
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Your answer is incorrect. Try again.
Compute the estimated inventory at May 31, assuming that the gross
profit is 25% of cost. (Round percentage of sales to 2
decimal places, e.g. 78.74% and final answer to 0 decimal places,
e.g. 6,225.)
The estimated inventory at May 31
$enter the dollar amount of the estimated inventory at May
31