Michignal LTD. estimates the cost of its physical inventory at March 31 for use in...
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Accounting
Michignal LTD. estimates the cost of its physical inventory at March 31 for use in interim Financial statements. Their gross profits on sales average 40%.
Account Balances are available:
Inventory - $220,000
Purchases - $172,000
Purchase Returns - $8,000
Sales during March - $350,000
Use the gross profit method to estimate the dollar value of the inventory at March 31. Show work.
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