Question
Assume the following information: -Beginning inventory $990,000; purchases $450,300; freight-in $12,200; sales $2,430,000; sales returns $19,800; sales allowances $8,400; purchase discounts $5,250 -Gross profit is
Assume the following information:
-Beginning inventory $990,000; purchases $450,300; freight-in $12,200; sales $2,430,000; sales returns $19,800; sales allowances $8,400; purchase discounts $5,250
-Gross profit is 40% of sales
Calculate the estimated ending inventory using the gross profit method.
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
