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Estimate the cost of ending inventory at May

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Reference no: EM132848296

Question - Midlife Corp. is in the process of preparing its financial statements as at May 31, 2019. It has a consistent mark-up of 200% on goods it sells. The following information is available for the five months ended May 31:

Opening inventory $10,000

Net purchases $140,000

Sales $250,000

Required - Estimate the cost of ending inventory at May 31.

Reference no: EM132848296

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