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Question - Lester Company wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years the company's gross profit rate averaged 26%.
The following information for the years first quarter is available from its records:
January 1 beginning inventory $ 145,600
Purchases $ 359,246
Purchase returns $ 4,246
Transportation in $ 5,000
Sales $ 623,000
Sales returns $ 15,000
Required - Use the gross profit method to prepare an estimate of the company's March 31 inventory.
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