Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ending inventory gross profit method on january 1

ending inventory gross profit method on January 1 the part store had a $370,000 inventory...

70.2K

Verified Solution

Question

Accounting

ending inventory gross profit method on January 1 the part store had a $370,000 inventory at cost . during the first quarter of the year.it purchased $510,000 of merchandise returned$19,100 and paid freight charges on purchased merchandise totalling$33,600. during the past several years store Gross profit on sales has averaged 30%. under the assumption the store had $1,920,000 of sales during the quarter of the year , use the gross profit method to estimate it's inventory at the end of the first quarter.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Audra owns a rental house She makes mortgage payments of 1 310 per month which...

Basic Math
Q

Design and Write a program that asks for a 4-digit year and determines whether that year...

Programming
Q

Select a multinational Natural Resources/Mining company and evaluate it on the following Supply Chain Management criteria’s: Demand...

Operations Management
Q

Q: What keeps you up at night? A: Q: Describe a difficult ethical dilemma you have encountered. A: Q: How...

General Management
Q

Charge Q coulombs is uniformly distributed throughout the volume of a solid hemisphere of radius...

Physics
Q

gement shows two long metallic rails connected to resistance R forming an inclined plane Magnetic...

Physics
Q

You are given the cecumberence of the circle and the measure of the central angle...

Geometry
Q

Given the following histogram decide if the data is skewed or symmetrical Frequency 300 250...

Statistics
Q

ose purchased a vehicle for business and personal use. In 2022, he...

Accounting
Q

Use the following data to determine the total dollar amount of assets to be classified...

Accounting
Q

20.8 The management of Zigby Manufacturing prepared the following estimated balance sheet...

Accounting
Q

Antiques R us is a mature manufacturing firm the company just paid a dividend of...

Finance