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    Andres Wijaya
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    This document contains information about inventory, cost of goods sold, and gross profit calculations for two departments - Sporting Goods and Jewelry/Cosmetics. For Sporting Goods, beginning inventory was €47,360 at cost and €74,000 at retail. Net sales were €1,010,000 and ending inventory is estimated at €56,700 based on the cost to retail ratio. For Jewelry/Cosmetics, beginning inventory was €32,860 at cost and €62,000 at retail, with net sales of €1,150,000 and estimated ending inventory of €27,500. Part b provides calculations to estimate cost of goods sold for two items.

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    This document contains information about inventory, cost of goods sold, and gross profit calculations for two departments - Sporting Goods and Jewelry/Cosmetics. For Sporting Goods, beginning inventory was €47,360 at cost and €74,000 at retail. Net sales were €1,010,000 and ending inventory is estimated at €56,700 based on the cost to retail ratio. For Jewelry/Cosmetics, beginning inventory was €32,860 at cost and €62,000 at retail, with net sales of €1,150,000 and estimated ending inventory of €27,500. Part b provides calculations to estimate cost of goods sold for two items.

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    24 views2 pages

    Akutans

    Uploaded by

    Andres Wijaya
    This document contains information about inventory, cost of goods sold, and gross profit calculations for two departments - Sporting Goods and Jewelry/Cosmetics. For Sporting Goods, beginning inventory was €47,360 at cost and €74,000 at retail. Net sales were €1,010,000 and ending inventory is estimated at €56,700 based on the cost to retail ratio. For Jewelry/Cosmetics, beginning inventory was €32,860 at cost and €62,000 at retail, with net sales of €1,150,000 and estimated ending inventory of €27,500. Part b provides calculations to estimate cost of goods sold for two items.

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    of 2

    SOAL 1

    a) Beginning Inventory € 4,500.00


    Net Purchases € 197,800.00
    Freight in € 2,900.00
    € 205,200.00
    Ending Inventory € 25,200.00
    Cost of Goods Sold € 180,000.00

    Net Sales € 300,000.00


    Gross Profit Rate ( (Revenue - COGS)/Revenue )
    (300000-180000)/300000 = 0,4 x 100 = 40%

    b) Net Sales € 260,000.00


    Less : Estimated gross profit (40% x 260000) € 104,000.00
    Estimated COGS € 156,000.00

    Beginning Inventory € 25,200.00


    Cost of Goods Purchased (191000 + 4000) € 195,000.00
    Cost of Goods Available For Sale € 220,200.00
    Less : Estimated Cost of Goods Sold € 156,000.00
    Estimated Cost of Ending Inventory € 64,200.00

    Inventory Lost in a fire € 44,940.00


    SOAL 2
    SPORTING GOODS
    At Cost At Retail
    Beginning Inventory € 47,360.00 € 74,000.00
    Goods Purchased (675000-26000-12360 + 9000) € 645,640.00 € 1,026,000.00 (1066000-40000)
    Goods available for sale € 693,000.00 € 1,100,000.00
    Net sales € 1,010,000.00
    Ending Inventory at Retail € 90,000.00
    Cost to Retail Ratio (693000/1100000) 63%
    Estimated Cost of Ending Inventory (90000 x 63%) € 56,700.00

    JEWELRY AND COSMETICS


    At Cost At Retail
    Beginning Inventory € 32,860.00 € 62,000.00
    Goods Purchased (639000-10000-8860+7000) € 627,140.00 € 1,138,000.00 (1158000-20000)
    Goods available for sale € 660,000.00 € 1,200,000.00
    Net sales € 1,150,000.00
    Ending Inventory at Retail € 50,000.00
    Cost to Retail Ratio (660000/1200000) 55%
    Estimated Cost of Ending Inventory (50000x 55%) € 27,500.00

    b) 85000 x 60% € 51,000.00


    52000 x 54% € 28,080.00

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