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if someone could help me i would really appreciate it! Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but
if someone could help me i would really appreciate it!
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 43%. The following information for the year's first quarter is available from its records: January 1 beginning inventory $ 330, 260 Purchases 975, 200 Purchase returns 13, 650 Transportation-in 7,500 Sales 1, 251, 150 Sales returns 9,750 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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