Royal gorge company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. inventory on hand at the end of october was $59,600. the following information for the month of november was available from company records: purchases: $121,000freight-in: 4.100sales: 235.000sales returns : 16,000purchases returns: 4,000 in addition, the controller is aware of $5,000 of inventory that was stolen during november from one of the company's warehouses required: 1. calculate the estimated inventory at the end of november, assuming a gross profit ratio of 40%. 2. calculate the estimated inventory at the end of november, assuming a markup on cost of 60%

Witch is an example of a non durable good?

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest. extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

Suppose the number of equipment sales and service contracts that a store sold during the last six (6) months for treadmills and exercise bikes was as follows: treadmill exercise bike total sold 185 123 service contracts 67 55 the store can only sell a service contract on a new piece of equipment. of the 185 treadmills sold, 67 included a service contract and 118 did not.