Question
Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim Financial Statements. Based on the following information
Kay's Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim Financial Statements. Based on the following information for March, calculate Kay's ending inventory at March 31
Cost of Goods Available for Sale- 125,000, Net Sales for March $80,000, estimated historical gross profit on net sales- 35%
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
