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Estimate of the company march inventory

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Alanood Company wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a phusical count of inventory. During the last five years the compan's gross profit rate averaged 36%

The following information for the years first quarter is avalable from its records:

January 1 beginning inventory $ 150,130

Purachses $ 472,600

Purachse returns $ 6,525

Transportation in $ 3,450

Sales $ 595,575

Sales returns $ 4,725

Required:

Problem 1: Use the gross profit method to estimate of the company's March 31 inventory.

Reference no: EM132812501

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