Blossom, Inc. estimates the cost of its physical inventory at March 31 for use in...
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Accounting
Blossom, 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
$537000
Purchases
417000
Purchase returns
7000
Sales during March
711000
The estimate of the cost of inventory at March 31 would be
$354500.
$361500.
$243000.
$236000.
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