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Collins Company needs an estimate of its ending inventory balance

Finance Nov 21, 2020

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

Expert Solution

So, the correct option is 4th "P11,650".

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