29 Jun Question Harriet’s Toy Shop had net sales of
Question
Harriet’s Toy Shop had net sales of $852,000. The gross profit was $230,000. Calculate Harriet’s cost of goods sold.
A company made the following merchandise purchases and sales during the month of January:
Beginning Inventory 100 units at $10 each
Jan. 5 purchased 40 units at $12 each
Jan. 10 sold 60 units
Jan. 15 purchased 70 units at $13 each
Jan. 25 sold 50 units
If the company uses the First In, First Out inventory valuation method and the perpetual inventory system, what would be the cost of the 100 units in ending inventory?
The inventory manager’s compensation includes a bonus plan based on gross profit. You discover that the inventory manager has knowingly overstated ending inventory by $2 million. What effect does this error have on the financial statements of the company and specifically gross profit? Why would the manager knowingly overstate ending inventory? Would this be considered an ethics violation?
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