Question 2 4 Hurricane Hugo destroyed the storeroom and inventory of the Oceansi

Question

Question 2 4 Hurricane Hugo destroyed the storeroom and inventory of the Oceanside Restaurant on August 3 20X3. The accountant for the restaurant is compiling the income statement for August. The accounting records were found intact in a safe and included the following information: Inventory, August 1, 20X3 $16,800 Purchases of inventory in August $14,050 Sales for August $43,600 Required Using the gross profit method of estimating inventory and assuming a gross profit of 46 percent, determine the ending inventory at August 31, 20X3.($x,xxx)

Explanation / Answer

To beginning inventory 16800 By net sales 43600 To purchases 14050 By ending estimated inventory($50906-$43600) $7306. To gross profit(43600*46%) $20056 Total $50906 Total $50906

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.