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Unformatted text preview: PE 7-7A See instructions for the problem on page 335 of the textbook. Merchandise Inventory at retail 675,000.00 X 80% = Inventory Reported 540,000.00 Ratio of cost to retail Unit 9, Chapter 7 Practice Exercises NAME: Instructions for template use: The following template is provided to you to assist you with the homework assignments. The areas shaded in green are the areas of the template in which you should place your answers. Please contact your instructor if you have any questions on the use of the template. PE 7-8A See instructions for the problem on page 335 of the textbook. Merchandise Available for Sale 1,380,000.00 Less: Cost of Merchandise Sold (see hint below) 525,000.00 Estimated Ending Merchandise Inventory 855,000.00 HINT: To calculate the Cost of Merchandise Sold consider the following: Sales X (100% - the estimated gross profit rate) = Cost of Merchandise Sold...
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This note was uploaded on 10/27/2009 for the course ACC ACC114 taught by Professor W.will during the Spring '09 term at Kaplan University.
- Spring '09