Wayman Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayman’s gross profit rate averages 35%. The following information for the first quarter is available from its records.
January l beginning inventory | $ 300,260 |
Cost of goods purchased | 939,050 |
Sales | 1,191,150 |
Sales returns | 9,450 |
Required
Use the gross profit method to estimate the company’s first quarter ending inventory.
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