What is the Cost of inventory on March 31st? Ivanhoe, Inc. estimates the cost of its physical

 What is the Cost of inventory on March 31st?

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Ivanhoe, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 20%. The following account balances are available: Inventory, March 1 Purchases Purchase returns Sales during March $540000 420000 10000 720000 Ivanhoe, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of markup on cost is 20%. The following account balances are available: Inventory, March 1 Purchases Purchase returns Sales during March $540000 420000 10000 720000

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Computation of the estimated cost of inventory at March 31 for the interim financial statement we ne... View the full answer