Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part d (5 marks) borias company limited, which fol

Part D (5 marks) Borias Company Limited, which follows ASPE, uses the gross profit method...

60.1K

Verified Solution

Question

Accounting

image
Part D (5 marks) Borias Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May: Inventory, May 1 $360,000 Sales $1,200,000 Purchases 700,000 Sales returns 70,000 Freight in Purchase discounts 12,000 50,000 Instructions Calculate the estimated inventory at May 31, assuming that assuming that the gross profit is 16% of sales and that the markdown on cost is 36%. Round the gross profit percentage to two decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

7 Find the values of x and y 5y 29 3 x 6 4x 7...

Chemistry
1.2K views

12. Write the appropriate nuclear symbol for each of the following isotopes: (a) Z = 11,...

Medical Sciences
1.2K views

Mr. Heyden, 72, is brought to the emergency room after an accident at his farm. The...

Physics
1.2K views

ducting wire bent in the form of a y 4x is shown in figure and...

Statistics
1.2K views

A successful basketball player has a height of 6 feet 9 inches or 206 cm...

Calculus
1.2K views

estimate the total amount of infection needed to develop symptoms of measles NA N f...

Algebra
1.2K views

Refer to the functions and g and evaluate the function for the given value of...

Accounting
1.2K views

note: xx value is 57. PT ABC is a company in Indonesia that...

Accounting
1.2K views

For a business credit card, most companies that issue credit, including Visa and Mastercard, specifically...

Accounting
1.2K views

Exercise 15-15 (Algorithmic) (LO. 3, 4) In 2021, Meghann, a single taxpayer, has QBI of...

Accounting
1.2K views

Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1...

Accounting
1.2K views

Here are the comparative income statements of Delaney Corporation. (a) Prepare a horizontal analysis of...