Question

Kay’s Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay’s Beauty Supply’s ending inventory at March 31.
Cost of goods available for sale ............. 125,000
Net sales for March ................ 80,000
Estimated historical gross profit rate on net sales ...... 35%



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  • CreatedDecember 09, 2013
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