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When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: Beginning inventory Purchases $ 232,000 $ 842,000 $1,218,000 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.)

When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: Beginning inventory Purchases $ 232,000 $ 842,000 $1,218,000 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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aters 4-5 Saved Help Save & Exit Submit When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: Beginning inventory Purchases $ 232,000 $ 842,000 $1,218,000 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $404,100 O $669,900
Transcribed Image Text:aters 4-5 Saved Help Save & Exit Submit When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: Beginning inventory Purchases $ 232,000 $ 842,000 $1,218,000 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $404,100 O $669,900
Multiple Choice $404,100 $669,900 $483,300 $590,700 20 000 000
Transcribed Image Text:Multiple Choice $404,100 $669,900 $483,300 $590,700 20 000 000
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