Inbox (6) - esrios30@mx Chegg StuxtyGuidesd So x %2Fin echt nl 239 Fregistr http

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Inbox (6) - esrios30@mx Chegg StuxtyGuidesd So x %2Fin echt nl 239 Fregistr https newo onnect m h education.com flow connect html? sReg: true&return; rl https%3A%21%2Fcorrectnteducation corr%2Fpaamwe Secure CHAPTER 5 HOMEWORK 13 Wayward Company wants to prepare interim financlal statements for the first quarter. The company wishes to avoid making a physical count of inventory. wayward's gross profit rate averages 30% he following inormation for the rst quarter savailable from its records 10 points Danuary 1 beeinning inventory Cost of eoods purchased Sales Sales returns 5 378,266 1,889,05e 1,261,1Se 18,158 eBook Print References Required: Use the gross profit method to estimate the company's first quarter ending inventory Beginning inventory Net cost of goods purchased 370,260 009,050 S 1,379,310 ost of s available for sale stimated cost of goods sold Estimated March 31 inventory

Explanation / Answer

*Estimated cost of goods sold:

Beginning inventory $ 370260 Net cost of goods purchased 1009050 Cost of goods available for sale $ 1379310 Estimated cost of goods sold* 875700 Estimated March 31 inventory $ 503610

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