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  1. business
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  3. sales cogs gross profit 75,000.00 53,571.43 21,428

Sales COGS Gross Profit 75,000.00 53,571.43 21,428.57 Merchandise Inventory 85,500.00 3,200.00 12,142.86 15,714.29 25,714.29 28,728.56...

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Accounting

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Sales COGS Gross Profit 75,000.00 53,571.43 21,428.57 Merchandise Inventory 85,500.00 3,200.00 12,142.86 15,714.29 25,714.29 28,728.56 Sales 17,000.00 22,000.00 36,000.00 75,000.00 The jaguar merchandising uses a perpetual inventory system. The gross profit is 40% based on cost. Thus, to compute the cost of goods sold in sales transaction, the amounts were divided to 140% or 1.40. The jaguar merchandising has an unadjusted trial balance in inventory of 28,728.56 and 53,571.43 cost of goods sold. However, the merchandise inventory at the end of the month is 10,500 based on physical count. If the amount in the record will be used to compute gross profit. It shows that the gross profit (21,428.57) is 40% of cost, so it is correct. What should be done to match the record to the physical count of inventory? The gross profit must be still 40%? COGS 12,142.86 15,714.29 25,714.29 53,571.43

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