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Any help will be Greatly Appreciated Wayward Company wants to prepare interim financial statements...

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Accounting

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Any help will be Greatly Appreciated

Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its records. January 1 beginning inventory Cost of goods purchased Sales Sales returns $ 370,260 1,009,050 1,261,150 10,150 Required: Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory Net cost of goods purchased 370,260 1,009,050 1,379,310 t of goods available for sale timated cost of goods sold Estimated March 31 inventory

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