Gross profit method LO8 Wayward Company wants to prepare interim financial statements...

Gross profit method LO8

Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward’s gross profit rate averages 34%. The following information for the first quarter is available from its records.

Required

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

Check Estimated ending inventory,

$449,797