Physical Inventory for Use In an Interim Financial Statement
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Pine Company estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 25%.
The following account balances are available:
Inventory, March 1 $1,160,000
Purchases during March 500,000
Purchase returns 26,000
Sales during March 900,000.
Estimate the cost of inventory at March 31.
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Solution Summary
This solution involves estimation of the cost of inventory.
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Before we calculate the ending balance for inventory, we need to first calculate the cost of goods sold. ...
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