Question
Question 3 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
Question 3
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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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
9780134487151, 013448715X, 978-0134674681
