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The Paul A. Evans Company uses the gross profit method to estimate inventory for the yearly reports. Information follows for the Year Ended December 31st, 2021: Beginning Inventory, January 1st, ................................................ $ 978,000 Purchases........................................................................................ 691,000 Purchases Discounts..................................................................... 14,100 Freight-In.......................................................................................... 47,000 Sales ................................................................................................ 1,450,000 Sales Returns ................................................................................. 67,600 Required:
Problem 1: Calculate the estimated inventory for the Year Ended December 31st, 2021, assuming that the gross profit is 30.0% of sales.
Problem 2: Prepare entries as at December 31st, 2021, to close the required accounts.
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