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Statement showing Computations

Particulars Amount
Fundamental Fundamental Underst
a) s of... s of... g...
11th Edition 10th Edition 10th Editi
Sales         2,300,000.00
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Gross pro t at 40% =2,300,000*.40             920,000.00

Cost of goods sold =2.3m- .92m         1,380,000.00

Total goods available for sale         2,100,000.00

Ending inventory =2.1m- 1.38m             720,000.00

b) Let cost be x

Sales         2,300,000.00

Gross pro t at 60% of cost .60x

x + .60x = 2.3M which means x = 2.3m/1.6         1,437,500.00

Total goods available for sale         2,100,000.00

Ending inventory =2.1m- 1.4375m             662,500.00

c)

Sales         2,300,000.00

Gross pro t at 35% =2,300,000*.35             805,000.00

Cost of goods sold =2.3m- .805m         1,495,000.00

Total goods available for sale         2,100,000.00

Ending inventory =2.1m- 1.495m             605,000.00

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d) Let cost be x Textbook Solutions Expert Q&A Study Pack Practice 

Sales         2,300,000.00

Gross pro t at 25% of cost .25x

x + .25x = 2.3M which means x = 2.3m/1.25         1,840,000.00

Total goods available for sale         2,100,000.00

Ending inventory =2.1m- 1.84m             260,000.00

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