Chapter 06-Probiem ll (P5-10) value: 100.00 points Wayward Company wants to prep

Question

Chapter 06-Probiem ll (P5-10) value: 100.00 points Wayward Company wants to prepare interim financial statements for the first quarter. information for the first quarter is available from its records. 470.260 January 1 beginning inventory Cost of goods purchased Net sales 1,109,050 1,350,000 Required: Use the gross profit method to estimate the company's first-quarter ending inventory. eginning inven Cost of goods purchased S 470,260 1,109,050 $ 1,579,310 + Estimated cost of goods sold Estimated March 31 inventory References eBook & Resources Worksheet Difficulty 2 Medium Check my work

Explanation / Answer

Beginning Inventory 470260 Cost of goods purchased 1109050 Cost of goods available for sale 1579310 Estimated cost of goods sold 877500 Estimated march 31 inventory 701810 Net sales 1350000 Gross profit 35%( assumed) 472500 Cost of goods sold 877500 Gross profit is not mentioned , hence assumed at 35%

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