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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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
