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Estimate of the company march inventory

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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.

Reference no: EM132579306

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