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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.
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Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi
A swap valuation method which involves summing and computing the present value of each and every future net settlement and would be required by the contract terms either future s
Assignment Comments – Debt-to-assets ratio: 50% Current Ratio: 1.8x Total assets turnover: 1.5x Days sales outstanding: 36.5 days* Gross profit margin
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
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The Kauai Surf Company sells high-end surfboards to tourists. The inventory is purchased from a manufacturer in Honolulu.
Determine the symbols of Net Sales for the Period - Cost of Goods Sold = Gross Profit - Operating Expenses + Other Income - Other Expenses =
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Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
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