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Calculate the estimated inventory for year ended december

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Reference no: EM132789124

Question - Cotton Company uses the gross profit method to estimate inventory for the yearly reports. Information follows for the Year Ended December 31, 2023.

Beginning Inventory, January 1 $950,000

Purchases 670,000

Purchases Discounts 13,000

Freight-In 45,000

Sales 1,550,000

Sales Returns 68,000

Required -

a) Calculate the estimated inventory for the Year Ended December 31, 2023 assuming that the gross profit is 40.0% of sales.

b) Prepare journal entries of December 31, 2023, to close the accounts.

Reference no: EM132789124

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