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Q. Explain about Gross margin method?
The steps in computing ending inventory under the gross margin method are
- Estimate gross margin based on net sales using the similar gross margin rate experienced in prior accounting periods.
- Determine approximate cost of goods sold by deducting estimated gross margin from net sales.
- Determine approximate ending inventory by deducting estimated cost of goods sold from cost of goods available for sale.Therefore the gross margin method estimates ending inventory by deducting estimated cost of goods sold from cost of goods available for sale.
The gross margin method presumes that a fairly stable relationship exists between gross margin and net sales. In other words gross margin has been a reasonably constant percentage of net sales and this relationship has continued into the current period. If this percentage relationship has changed the gross margin method doesn't yield satisfactory results.
Q. What do you mean by Stock? Stock -- a certificate (or electronic or other record) which indicates ownership of a portion of acorporation; a share of stock. Preferred stock p
Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t
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Q. Example of perpetual inventory procedure? The Perpetual inventory procedure Companies use perpetual inventory procedure in a range of business settings. In the past companie
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
Solution Manual
Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of
Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr
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