Seiko Appliance Company estimates its inventory by the gross margin method when preparing monthly financial statements. For
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Seiko Appliance Company estimates its inventory by the gross margin method when preparing monthly financial statements. For the past two years, the gross margin has averaged 40 percent of net sales. The company's inventory records for stores in the southwestern region reveal the following data:
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1. Estimate the July 31 inventory, using the gross margin method.
2. Prepare the July income statement through gross margin for the Seiko Appliance Company stores in the southwestern region. Use the multiple-step format.
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Related Book For 
Financial Accounting
ISBN: 9780133118209
2nd Edition
Authors: Charles T. Horngren, Jr. Harrison, Walter T.
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