E6-27A -Estimate Inventory using GPM
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Identify another reason that owners and managers use the gross profit method to estimate inventory.
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Identify another reason that owners and managers use the gross profit method to estimate inventory.
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Given the beginning and ending inventory, sales, and purchases – make the journal transactions under the perpetual system and find the ending inventory and gross profit.
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Given the information on inventory, net purchases and sales, and gross profit percent – estimate cost of inventory and find another reason managers use gross profit method to estimate inventory.
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Given the purchased inventory cost and the short-term note payable – prepare the entry for inventory interest, and note plus interest.
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Given the accrued warranty payable, sales revenue, percent of sales, and amount paid to satisfy claims – prepare the entry for warranty expense, the income statement, and balance sheet.
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Given the transactions on the subscriptions – journalize the transactions and make the balance sheet.
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Given the annual payroll. payroll tax expense and owed, and salaries owed – prepare the income statement and balance sheet.
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Given the complete transactions – create a balance sheet.
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Given the comparative income statements and balance sheets – find the accounts payable turnover and DPO, and if the liquidity position improved or hurt the company during year two.
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Given the purchased truck cost and note payable – find the interest expense, final payment, and interest expense report.
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