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marta [7]
3 years ago
9

May 31, Novac Corp. Has net sales of $415,000 in cost of goods available for sale of $286,000 compute the estimated cost of the

ending inventory assuming the gross profit rate is 37%
Business
1 answer:
BabaBlast [244]3 years ago
5 0

Answer:

$24,550

Explanation:

Computation for the estimated cost of the ending inventory

Net Sales = $415,000

Gross Profit rate= 37%

Cost of goods Sold = 100%- 37% = 63%

Cost of Goods Sold =$415,000*63% = $261,450

Cost of Goods Available for sale = $286,000

Using this formula

Estimated Cost of Ending Inventory= Cost of goods available for sale - Cost of Goods Sold

Let plug in the formula

Estimated Cost of Ending Inventory = $286,000-$261,450

Estimated Cost of Ending Inventory = $24,550

Therefore the estimated cost of the ending inventory is $24,550

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