This exercise reviews the relationships and computations involved with methods of estimating inventory.
Information relating to five different situations is as follows:
| 1. | Net sales | $132,000 |
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| Gross profit | 52,800 |
| Gross profit rate |
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| 2. | Net sales | $80,000 |
| Cost of goods sold | 52,000 | |
| Net income | 12,000 | |
| Gross profit rate |
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| 3. | Cost of goods available for sale | $74,000 |
| Estimated cost of goods sold | 60.000 | |
| Estimated ending inventory at cost |
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| 4. | Beginning inventory at cost | $20,000 |
| Purchases at cost | 112,000 | |
| Purchases returns at cost | 4,000 | |
| Net sales | 200,000 | |
| Gross profit rate | 45% | |
| Estimated cost of goods sold |
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| Estimated ending inventory at cost | ||
| 5. | Cost of goods available for sale | $52,000 |
| selling prices of goods for sale | 18,000 | |
| Cost to retail ratio |
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| 6. | Beginning inventory at cost | $12,000 |
| beginning inventory at retail | 2U,UUU | |
| Purchases at cost | 62,100 | |
| Purchases at retail | 94,000 | |
| Ending inventory at retail | 17,200 | |
| Operating expenses | 38,000 | |
| Cost to retail ratio |
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| Estimated ending inventory at cost |
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Instructions
Fill in the missing figure(s) for each of the independent situations above.
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