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  3. toyland wishes to produce quarterly financial stat

Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory...

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Accounting

Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following
historical data were taken from the Year 1 and Year 2 accounting records.
At the end of the first quarter of Year 3, Toyland's ledger had the following account balances.
Based on purchases and sales, the Toyland accountant thinks inventory is low.
Required
The average historical GM% is ) Using this and the other information provided, estimate the following for the first quarter
of Year 3:
a. Estimated cost of goods sold.
b. Estimated ending inventory at March 31.
c. Estimated inventory shortage at March 31.
Required
The average historical GM% is ): Using this and the other information provided, estimate the following for the first quarter
of Year 3:
a. Estimated cost of goods sold.
b. Estimated ending inventory at March 31.
c. Estimated inventory shortage at March 31.
Note: round your final answers to the nearest whole dollar.
a. Cost of goods sold
b. Estimated ending inventory
c. Estimated inventory shortage
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