Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20–. Fortunately, the accounting records were…

Gross Profit Method

A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20–. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5:

Beginning inventory, January 1, 20–$116,000

Net purchases, January 1 through August 5 432,000

Net sales, January 1 through August 5720,000

Normal gross profit as a percentage of sales 40%

Required:

Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.

$___________________

Retail Inventory Method

The following information is provided by Raynette’s Pharmacy for the last quarter of its fiscal year ending on March 31, 20–:

Cost Retail Inventory, start of period, January 1, 20–$34,000  $51,100  Net purchases during the period180,668  269,300  Net sales for the period261,900  

Required:

1. Estimate the ending inventory as of March 31 using the retail inventory method.

$_____

2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.

$_____

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more