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LESSON 4-2

LESSON 4-2. Interim Departmental Statement of Gross Profit. 1. 2. 3. 4. 5. 6. 7. ESTIMATING ENDING MERCHANDISE INVENTORY. page 94. 1. List beginning inventory. 5. Calculate estimated gross profit. 2. Determine net purchases. 6. Calculate the estimated cost of merchandise sold.

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LESSON 4-2

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  1. LESSON 4-2 Interim Departmental Statement of Gross Profit

  2. 1 2 3 4 5 6 7 ESTIMATING ENDING MERCHANDISE INVENTORY page 94 1. List beginning inventory. 5. Calculate estimated gross profit. 2. Determine net purchases. 6. Calculate the estimated cost of merchandise sold. 3. Calculate merchandise for sale. 7. Calculate estimated ending inventory. 4. Determine net sales. LESSON 4-2

  3. INTERIM DEPARTMENTAL STATEMENT OF GROSS PROFIT page 95 LESSON 4-2

  4. $42,186.47 $69,429.95 = .6076 or 60.8% $27,243.48 $69,429.95 .3924 or 39.2% = COST OF MERCHANDISE SOLD AND GROSS PROFIT PERCENTAGES page 96 1. The cost of merchandise sold percentage: 1 2 2. The gross profit margin percentage: LESSON 4-2

  5. TERMS REVIEW page 97 • gross profit • departmental statement of gross profit • periodic inventory • perpetual inventory • gross profit method of estimating an inventory • component percentage LESSON 4-2

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