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Otingo Equipment Co. wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Otingo's gross profit rate averages 35%. The following information for the first quarter is available from its records.
January 1 beginning inventory . . . . . . . . . $ 802,880Cost of goods purchased . . . . . . . . . . . . 2,209,636Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,760,260Sales returns . . . . . . . . . . . . . . . . . . . . . . 79,300Required:
Use the gross profit method to estimate the company's first quarter ending inventory.
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