Curtis Company must estimate its ending inventory and has the following information ...
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Accounting
| Curtis Company must estimate its ending inventory and has the following information | |||||||
| available from the most recent accounting period: | |||||||
| Cost | Retail | ||||||
| Jan 1 Inventory | $ 85,000 | $ 160,250 | |||||
| Net Cost of Goods Purchased | 493,000 | 689,750 | |||||
| Sales | 689,000 | ||||||
| Sales Returns | 24,000 | ||||||
| a. Compute the December 31 inventory for Curtis using the retail method. | |||||||
| b. Compute the December 31 inventory for Curtis Company using the gross profit method | |||||||
| The gross profit rate has historically been 35% of net sales | |||||||
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