Haskin's Wholesale began the year with inventory of $51,600 and during the year made purchases...
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Accounting
Haskin's Wholesale began the year with inventory of $51,600 and during the year made purchases of $326,800 Sales for the year are $505,300, and Haskin's Wholesale's gross profit percentage is 38 percent of sales. Compute Haskin's Wholesale's estimated cost of ending inventory using the gross profit method. Start by calculating the cost of goods available, then calculate the estimated cost of goods sold in order to determine the estimated cost of ending inventory
Haskin's Wholesale began the year with inventory of $51,600 and during the year made purchases of $326,800. Sales for the year are $505,300 sales. Compute Haskin's Wholesale's estimated cost of ending inventory using the gross profit method
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