Question
In: Accounting
Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was...
Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was $600,000. Purchases was 1,500,000. Sales revenue was 2,500,000. Required: Fill in the blanks to compute the ending inventory, assuming that gross profit is 45% of sales.
|
Beginning inventory (at cost) |
________ |
|
|
Purchases (at cost) |
________ |
|
|
Total goods available for sale (at cost) |
________ |
|
|
Sales (at selling price) |
________ |
|
|
Less: Gross profit (45% of sales) |
________ |
|
|
Sales (at cost) |
________ |
|
|
Ending inventory (at cost) |
________ |
Solutions
Expert Solution
| Calculation of ending inventory | ||
| $ | $ | |
| Beginning inventory (at cost) | 600,000.00 | |
| Purchases (at cost) | 1,500,000.00 | |
| Total goods available for sale (at cost) | 2,100,000.00 | |
| Sales (at selling price) | 2,500,000.00 | |
| Less: Gross profit (45% of sales) | 1,125,000.00 | |
| Sales (at cost) | 1,375,000.00 | |
| Ending inventory (at cost) | 3,475,000.00 | |
ekkarill92 answered 2 years agoRelated Solutions
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$
Link to Text
Compute a cost-to-retail percentage under the following
conditions. (Round ratios to 2 decimal places, e.g.
78.74%)
Cost-to-retail percentage
(1)
Excluding both markups and markdowns.
%
(2)
Excluding markups but including markdowns.
%
(3)
Excluding markdowns but including markups.
%
(4)...
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Excluding both markups and markdowns.
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