Unformatted text preview: Estimating Intraperiod Gross Profit
and Inventory - The gross profit percentage can be used to
estimate ending inventory balances for monthly
or quarterly reports - Suppose a Home Depot Store has quarterly
sales of$10 million and usually has a gross.
profit percentage of 30%. Cost of goods sold
can be estimated as: Sales — Cost of goods sold = Gross profit S10M — CGS = .30 x S10M
0238 = STIR-'1 ...
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- Fall '07
- Financial Accounting