The following information is available for the Sunnyvale Industries for the three months ended September 30 of this year: Inventory, July 1 of this year $2,300,000 Purchases Freight-in Sales $6,800,000 $520,000 $11,200,000 The gross margin was 35 percent of sales. What is the estimated inventory balance at September 30?

The following information is available for the Sunnyvale Industries for the three months ended September 30 of this year: Inventory, July 1 of this year $2,300,000 Purchases Freight-in Sales $6,800,000 $520,000 $11,200,000 The gross margin was 35 percent of sales. What is the estimated inventory balance at September 30?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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