1 it On Januay I SKR shop had $440,000 of beginning invertory at cost. In the first quarter purchased $1,6oo, ooo of merchandise, returned $23,000 and paid froight charges af sorguys are $37,700 om purchased merchandise, terms FOB shipping point. The company puft averages 35%. and the store had $2,010, ooo sales (at retail) in the first avarter of the year. Use the to esmase its Cost of inventory at he end the first quarter gross gross profit method 1 $460,000 Beginning Inversey, January Net cost of goods purchased [Coof of goods available for Estimated ending Inventory Estirald | , 2,060, + Viboo poo = 2,060,000 1,600,000 - Morch 31 Invertey