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JulijaS [17]
3 years ago
11

Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly fina

ncial statements required by its bank. Inventory on hand at the end of October was $58,500. The following information for the month of November was available from company records:
Purchases: $114000
Freight-in: $3900
Sales: $188000
Sales Returns: $5200
Purchase Returns: $4300

In addition, the controller is aware of $8600 of inventory that was stolen during November from one of the company's warehouses.

Required:

a. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.
b. Calculate the estimated inventory at the end of November, assuming a markup on cost of 100%.
Business
1 answer:
Nastasia [14]3 years ago
7 0

Answer:

Please refer the attachment to have the solution with explanation

Download xlsx
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At a pre-school gym, 52.1% of the students are girls. What is the probability that a randomly chosen student is boy?
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impossible

Explanation:

because the girls are over populated

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Under NASAA's Statement of Policy on Dishonest or Unethical Business Practices of Broker/Dealers and Agents, which of the follow
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Answer:

Under NASAA's Statement of Policy on Dishonest or Unethical Business Practices of Broker/Dealers and Agents, which of the following is NOT considered when determining excessive trading in a client's account:

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Read the excerpts about climate change. Article 1, found on the website of the Natural Resources Defense Council, a certified ch
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Suppose Dina is an avid reader and buys only comic books. Dina deposits $3,000 in a bank account that pays an annual nominal int
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Answer:

Instructions are listed below

Explanation:

Giving the following information:

Dina deposits $3,000 in a bank account that pays an annual nominal interest rate of 10%. The comic book is priced at $15.00.

We don't have the number of years on the investment. But we can figure out an answer.

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Using the following formula we can calculate the amount of money that she will have at the end of several years.

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For example:

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3 years ago
The movement and storage of materials into a firm refers to:
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