On January 1, KB Store had $450,000 of inventory at cost. In the first quarter of the
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On January 1, KB Store had $450,000 of inventory at cost. In the first quarter of the year, it purchased
$1,590,000 of merchandise, returned $23,100, and paid freight charges of $37,600 on purchased mer¬
chandise, terms FOB shipping point. The store’s gross profit averages 30%. The store had $2,000,000 of retail sales (net) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter. jg5
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Muhammad Salman Alvi
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