ending inventory gross profit method on January 1 the part store had a $370,000 inventory...
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ending inventory gross profit method on January 1 the part store had a $370,000 inventory at cost . during the first quarter of the year.it purchased $510,000 of merchandise returned$19,100 and paid freight charges on purchased merchandise totalling$33,600. during the past several years store Gross profit on sales has averaged 30%. under the assumption the store had $1,920,000 of sales during the quarter of the year , use the gross profit method to estimate it's inventory at the end of the first quarter.
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