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What is the estimated dollar value of the inventory

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Question - Portland Ltd. estimates the cost of its physical inventory at March 31 for use in its interim financial statements. The rate of markup on cost is 25%. The following account balances are available:

Inventory, March 1 $200,000

Purchases 168,000

Purchase returns 7,000

Sales during March 350,000

Required - What is the estimated dollar value of the inventory at March 31?

Reference no: EM132521692

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