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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

Finance

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

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