[XoXHollyXoX]

Four Corners Equipment Co. wants to prepare interim financial statements for the first quarter of 2011. The company uses periodic inventory system but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 30%. The following information for the year's first quarter is available from its records:

January 1 beginning inventory... $ 752,880
Purchases... 2,132,100
Purchase returns... 38,370
Transportation-in... 65,900
Sales... 3,710,250
Sales returns... 74,200

Required
Use the gross profit method to prepare an estimate of the company's March 31, 2011, inventory.

Check Figure... $367,275



Net Sales... $
Cost of goods sold:
Beginning inventory... $
Net purchases... $
Goods available for sale... $
Ending inventory... $
COGS (Cost of goods sold)... $
Gross Profit... $

[rehmanvohra]

The check figure is correct

[morgaine300]

OP knows the check figure is correct. A "check figure" is what they are already given as answer so that they can check against it when they've completed the problem, to see if they are correct.

Holly you need to read our guidelines for posting homework:
https://www.askmehelpdesk.com/financ...-b-u-font.html