Does anyone know anything about this at all.:confused:
Gross profit rate averages 30%
Jan 1. beginning inventory 752,880
Cost of goods purchased 2,159,630
Sales 3,710,250
Sales returns 74,200
Use the gross prfit method toestimate the company's first quarter ending inventory.
It says that my estim. Ending inventory should be 367,275 but I am not coming up with that. Help!!
