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What was pace estimated inventory on march

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Question - When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the 1st quarter of 2016:

Beginning inventory $227,000

Purchases $814,000

Sales $1,151,000

Estimated gross margin percentage 45%

What was Pace's estimated inventory on March 31, 2016? (Do not round your intermediate calculations.)

$407,950

$633,050

$572,550

$468,450

Reference no: EM132095703

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