When preparing its quarterly financial statements, Pace Company 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 $ 224,500 $ 797,000 $1,105,500 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? Note: Do not round your intermediate calculations. Multiple Choice O OOO $497,475 $524,025 $413,475 $608,025

When preparing its quarterly financial statements, Pace Company 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 $ 224,500 $ 797,000 $1,105,500 Sales Estimated gross margin percentage 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? Note: Do not round your intermediate calculations. Multiple Choice O OOO $497,475 $524,025 $413,475 $608,025

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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