Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $354,000 $520,000 Transactions during August: Purchases (net) Sales 4,066,000 5,980,000 6,152,000 Ranchworks Co. Merchandise inventory, March 1 $285,000 Transactions during March through November: Purchases (net) 3,786,000 Sales 5,915,000 Estimated gross profit rate 35%
Retail Method; Gross Profit Method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Merchandise inventory, August 1 $354,000 $520,000 Transactions during August: Purchases (net) Sales 4,066,000 5,980,000 6,152,000 Ranchworks Co. Merchandise inventory, March 1 $285,000 Transactions during March through November: Purchases (net) 3,786,000 Sales 5,915,000 Estimated gross profit rate 35%
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 7PA: Retail method; gross profit method Selected data on inventory, purchases, and sales for Celebrity...
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