Henderson 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 July was $122,500. The following information for the month of August was available from company records:
In addition, the controller is aware of $10,000 of inventory that was stolen during August from one of the company's warehouses.
Required:
1. Calculate the estimated inventory at the end of August, assuming a gross profit ratio of 30%
2. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%.
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Middle 20s
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Psychological Maturity
The development of advanced psychological capabilities, such as emotional regulation, self-awareness, and responsible decision-making.
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The process of exploring and understanding one's own values, beliefs, and purpose, which is crucial during adolescence but continues throughout life.
Values System
The set of core beliefs and ethical principles that guide an individual's behavior and decision-making process.
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