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Estimating ending inventory by the gross profit method and preparing the income statement
Kids Costumes estimates its inventory by the gross profit method. The gross profit has averaged 39% of net sales. The company's inventory records reveal the following data:
Inventory, July 1
$ 268,000
Transactions during July:
Purchases
7,661,000
Purchase discounts
171,000
Purchase returns
32,000
Sales
8,788,000
Sales returns
35,000
Requirements
1. Estimate the July 31 inventory using the gross profit method.
2. Prepare the July income statement through gross profit for Kids Costumes.
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