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What is the estimated ending inventory as of the end

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CONS Corporation is currently preparing its interim financial statements as of and for the interim period ended September 30, 2018. The beginning inventory and the transactions that transpired from January 1, 2018 to September 30, 2018 are as follows:

Inventory, January 1 1,200,000

Purchases             11,600,000

Purchase returns     225,000

Purchase discounts  735,000

Freight in        520,000

Sales            14,095,000

Sales returns    200,000

Sales discounts 400,000

Employee discounts 105,000

Problem 1: If the company is using a gross profit rate based on cost of 40%, what is the estimated ending inventory as of the end of the interim period?

Reference no: EM132743364

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