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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit.

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Presentation on theme: "CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit."— Presentation transcript:

1 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-2 Interim Departmental Statement of Gross Profit

2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 4-2 1.List beginning inventory. 2.Determine net purchases. 3.Calculate merchandise for sale. 4.Determine net sales. 5.Calculate estimated gross profit. 6.Calculate the estimated cost of merchandise sold. 7.Calculate estimated ending inventory. ESTIMATING ENDING MERCHANDISE INVENTORY page 94 1 2 3 7 6 5 4

3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 4-2 INTERIM DEPARTMENTAL STATEMENT OF GROSS PROFIT page 95

4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 4-2 1.The cost of merchandise sold percentage: 2.The gross profit margin percentage:.6076 or 60.8% = $42,186.47 $69,429.95.3924 or 39.2% = $27,243.48 $69,429.95 COST OF MERCHANDISE SOLD AND GROSS PROFIT PERCENTAGES page 96 1 2

5 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 4-2 TERMS REVIEW gross profit departmental statement of gross profit periodic inventory perpetual inventory gross profit method of estimating an inventory component percentage page 97

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