Question: Problem # 3 ( 2 0 points ) Navarro Company uses the gross profit method to estimate ending inventory and cost of goods sold when

Problem #

3 (20

points

)

Navarro Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $

127, 000 .

The following information for the month of August was available from company records:

\

table

[[

Purchases

,

228, 000

Problem #3(20 points) Navarro Company uses the gross profit method to

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