Fantasy Games, Inc., wants to estimate its ending inventory balance for its quarterly financial statements for the

Question:

Fantasy Games, Inc., wants to estimate its ending inventory balance for its quarterly financial statements for the first quarter of the year. Given the following, what is your best estimate?

Beginning inventory .. $75,800

Net sales ...... $92,500

Net purchases .... $50,500

Gross profit ratio .... 20%

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...