Midlife Corp. is in the process of preparing its financial statements as at May 31, 2016. It

Question:

Midlife Corp. is in the process of preparing its financial statements as at May 31, 2016. It has a consistent mark-up of 200% on goods it sells. The following information is available for the five months ended May 31:

Opening inventory

Net purchases

Sales

$ 10,000

140,000

250,000

Required: Estimate the cost of ending inventory at May 31.

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...