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Homework answers / question archive / Collins Company needs an estimate of its ending inventory balance
Collins Company needs an estimate of its ending inventory balance. The following information is available:
Cost Retail .
Sales revenue P - P180,000
Beginning inventory 35,000 62,000
Net purchases 100,000 135,000
Given this information, when using the gross profit estimation method, ending inventory is approximately
P9,000
P1,000
P19,000
P11,650