Solution-Estimate the companys first quarter ending

Estimate the companys first quarter ending inventory

Reference no: EM13529393

Ernst Equipment Co. wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate averages 30%. The following information for the first quarter is available from its records.

January 1 beginning inventory	$ 752,880
Cost of goods purchased	2,159,630
Sales	3,710,250
Sales returns	74,200

Required

Use the gross profit method to estimate the company's first quarter ending inventory.

Reference no: EM13529393

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Estimate the companys first quarter ending inventory

Reference no: EM13529393

Reference no: EM13529393

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