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Slide35 - Estimating Intraperiod Gross Profit and Inventory...

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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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