accounting practice problem 14

Tube Maps Foundations of Bu.. Chapter 4 Learn S... mework Required i Saved Hel Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical records. count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its Beginning inventory, January 1 Cost of goods purchased $ 410, 260 Sales 1, 049, 050 Sales returns 1, 301, 150 10 , 550 Required: Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory, Jan. 1 410,260 Net cost of goods purchased 1,049,050 1,459,310 Estimated March 31 inventory MacBook Pro