Phillips Supply uses a periodic inventory system but needs to determine the
approximate amount of inventory at the end of each month without taking a
physical inventory. Phillips has provided the following inventory data:
Cost Price Retail Selling Price
Inventory of merchandise, June 30 $297,000 $494,000
Purchases during July 220,000 403,000
Goods available for sale during July $517,000 $897,000
Net sales during July $250,000
1. Estimate the cost of goods sold and the cost of the July 31 ending
inventory using the retail method of evaluation.
2. Was the cost of Phillips inventory, as a percentage of retail selling
prices, higher or lower in July than it was in June?
(Round cost ratio to 2 decimal places and final answers to the nearest dollar
amount. Round percentage values to 2 decimal places. Omit the "$" and "%"
signs in your response.)
a. Cost ratio during July_
Estimated cost of goods sold_
Estimated ending inventory (at cost):
Cost of goods available for sale during July_
Less: Estimated cost of goods sold (above)_
Estimated ending inventory_
b.It appears that the cost of Phillips' inventory as a percentage
of retail sales in July is lower than it was in June.
At June 30, the percentage was_% During July, however, the percentage
was only_% based upon Phillips' purchases.
抱歉有點長
卡在part B
謝謝
--
approximate amount of inventory at the end of each month without taking a
physical inventory. Phillips has provided the following inventory data:
Cost Price Retail Selling Price
Inventory of merchandise, June 30 $297,000 $494,000
Purchases during July 220,000 403,000
Goods available for sale during July $517,000 $897,000
Net sales during July $250,000
1. Estimate the cost of goods sold and the cost of the July 31 ending
inventory using the retail method of evaluation.
2. Was the cost of Phillips inventory, as a percentage of retail selling
prices, higher or lower in July than it was in June?
(Round cost ratio to 2 decimal places and final answers to the nearest dollar
amount. Round percentage values to 2 decimal places. Omit the "$" and "%"
signs in your response.)
a. Cost ratio during July_
Estimated cost of goods sold_
Estimated ending inventory (at cost):
Cost of goods available for sale during July_
Less: Estimated cost of goods sold (above)_
Estimated ending inventory_
b.It appears that the cost of Phillips' inventory as a percentage
of retail sales in July is lower than it was in June.
At June 30, the percentage was_% During July, however, the percentage
was only_% based upon Phillips' purchases.
抱歉有點長
卡在part B
謝謝
--
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