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Estimate the july 31 inventory using the gross profit method

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Reference no: EM13527555

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.

Reference no: EM13527555

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