Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at yearend. The following
historical data were taken from the Year and Year accounting records.
At the end of the first quarter of Year Toyland's ledger had the following account balances.
Based on purchases and sales, the Toyland accountant thinks inventory is low.
Required
The average historical GM is Using this and the other information provided, estimate the following for the first quarter
of Year :
a Estimated cost of goods sold.
b Estimated ending inventory at March
c Estimated inventory shortage at March
Required
The average historical GM is : Using this and the other information provided, estimate the following for the first quarter
of Year :
a Estimated cost of goods sold.
b Estimated ending inventory at March
c Estimated inventory shortage at March
Note: round your final answers to the nearest whole dollar.
a Cost of goods sold
b Estimated ending inventory
c Estimated inventory shortage
