Question
Miller, Ltd. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The gross profit percentage is 20%.
Miller, Ltd. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The gross profit percentage is 20%. The following account balances are available:
Inventory, March 1 Purchases Sales during March
$220,000 164,000 350,000
What is estimate of the cost of inventory reported on the statement of financial position as at March 31? (4 marks)
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ISO 14010s Environmental Auditing Tools And Techniques For Passing Or Performing Environmental Audits
Authors: W. Lee Kuhre
1st Edition
0133802051, 978-0133802054
