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17. Wade Company estimates the cost of its physical inventory at...

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Accounting

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17. Wade 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 $2,000,000 Purchases during March 1,000,000 Purchase returns 52,000 Sales during March 1,700,000 The estimate of the cost of inventory at March 31 would be a $1,248,000 b. $1,360,000 C. $1,588,000 d. $1,673,000

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