6
answers
1
watching
474
views
6 Feb 2024
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 25%. The following information for the year’s first quarter is available from its records:
January 1 beginning inventory
$
250,260
Purchases
895,200
Purchase returns
12,050
Transportation-in
5,900
Sales
1,091,150
Sales returns
8,950
Required:
Use the gross profit method to prepare an estimate of the company’s March 31 inventory.
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 25%. The following information for the year’s first quarter is available from its records:
Required:
Use the gross profit method to prepare an estimate of the company’s March 31 inventory.
abdulmouizLv10
22 Feb 2024
Already have an account? Log in
21 Feb 2024
Already have an account? Log in
alumasitylerLv1
6 Feb 2024
Already have an account? Log in