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How much is the estimated cost of april inventory

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Reference no: EM132822732

Problem 1: EE Company prepares monthly income statements. A physical inventory is taken only at year-end, hence, month-end inventories must be estimated. All sales are made on account. The rate of markup on cost is 50%. The following information relates to the month of April: Accounts receivable, April 1 - ?102,000; Accounts receivable, April 30 - ?153,000; Collection of accounts receivable during April - ?255,000; Inventory, April 1 - ?183,600; Purchases during April -?163,200. How much is the estimated cost of April 30 inventory?

a. ? 142,800
b. ? 224,400
c. ? 193,800
d. ? 122,400

Reference no: EM132822732

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