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if someone can help i would really appreciate it as I am stuck?! Problem 6-15A Gross profit method LO6 Sporting Pro wants to prepare Interim
if someone can help i would really appreciate it as I am stuck?!
Problem 6-15A Gross profit method LO6 Sporting Pro wants to prepare Interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of Inventory. During the last five years, the company's gross profit rate has averaged 34%. The following Information for the year's first quarter is available from Its records: January 1 beginning inventory $ 295, 260 Purchases 940, 208 Purchase returns 12, 950 Transportation- in 6, 890 Sales 1, 181, 150 Sales returns 9, 490 Required: Use the gross profit method to prepare an estimate of the company's March 31 Inventory. SPORTING PRO Estimated Inventory March 31, 2023 Goods available for sale Goods available for sale Estimated cost of goods sold: Estimated cost of goods sold Estimated March 31, 2023 inventoryStep by Step Solution
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