Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but...
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Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 33%. The following information for the year's first quarter is avallable from its records: Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory
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