Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Example on gross margin method?
To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross margin on net sales. The subsequent data for 2010 are available The January 1 inventory was USD 40000 net cost of purchases of merchandise was USD 480000 and net sales of merchandise were USD 700000. As display in Exhibit 63 Field is able to estimate the inventory for 2010 December 31 by deducting the estimated cost of goods sold from the actual cost of goods available for sale.
An alternative format for computing estimated ending inventory uses the standard income statement format and solves for the one unknown (ending inventory)
We recognize that Costs of goods available for sale-Ending inventory=Cost of goods sold
Therefore (let X = Ending inventory) USD 520000 - X = USD 490000
X = USD 30000
The gross margin method isn't precise enough to be used for year-end financial statements. At year-end a physical inventory should be taken and valued by either the FIFO, LIFO, specific identification or weighted-average methods.
It is a national organization of female accountants in America that plans to further the interests of women in the accounting career. The American Society of Women Accountants (ASW
Controller: Controller another name for Chief Accountant is generally the head of the whole region of accounting, including internal audit. He is generally in charge of all types
Received security deposit from tenants
What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Q. Explain about accounting applications? Early on accounting applications were in accounts receivable, payroll, accounts payable, and inventory. Within some years programs exi
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd