Question
a)Miller, Ltd. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The gross profit percentage is 20%.
a)Miller, Ltd. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The gross profit percentage is 20%. The following account balances are available:
Inventory, March 1 $220,000
Purchases 164,000
Sales during March 350,000
What is estimate of the cost of inventory reported on the statement of financial position as at March 31? (4 marks)
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External Quality Audit Has It Improved Quality Assurance In Universities
Authors: Mahsood Shah, Chenicheri Sid Nair
1st Edition
1843346761, 978-1843346760
