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Prepare interim financial statements for the first quarter

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Reference no: EM13904994

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 . . . . . . . . . $ 802,880
Cost of goods purchased . . . . . . . . . . . . 2,209,636
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,760,260
Sales returns . . . . . . . . . . . . . . . . . . . . . . 79,300

Required: 

Use the gross profit method to estimate the company's first quarter ending inventory.

Reference no: EM13904994

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