Hi!

Looking into how to derive the data points

Question 1 [10 points] Northstar Corp. wants to prepare interim financial statements for the first quarter of 2014 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 35%. The following information for the year's first quarter is available from its records: January 1, beginning inventory 125,000 Purchases 352,000 Purchase returns. 4,800 Transportation in. 37,200 Sales 494,000 Sales returns 2, 100 Fill in the following schedule using the gross profit method to estimate the company's March 31 ending inventory: Goods available for sale. Net sales Estimated cost of goods sold Estimated March ending inventory Official Time: 7:35:23 SUBMIT AND MARK