Solution-Babyland wishes to produce quarterly financial

Babyland wishes to produce quarterly financial statements

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Reference no: EM13930465

Babyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year end. The following historical data were taken from the 2013 and 2014 accounting records:

774_264-B-M-A-I (1884)-1.png

At the end of the first quarter of 2015, Babyland's ledger had the following account balances:

1042_264-B-M-A-I (1884)-2.png

Based on purchases and sales, the Babyland accountant thinks inventory is low.

Required:

Using the information provided, estimate the following for the first quarter of 2015:

a. Cost of goods sold. (Use the average cost of goods sold percentage.)

b. Ending inventory at March 31.

c. What could explain the difference between actual and estimated inventory?

Reference no: EM13930465

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Babyland wishes to produce quarterly financial statements

Reference no: EM13930465

Reference no: EM13930465

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