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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. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause
how we prepare ledger account and trial balance?
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Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
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MS EXCEL.
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