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Calculate the estimated inventory for Year Ended December

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Reference no: EM132780800

Question - 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 -

1. Calculate the estimated inventory for the Year Ended December 31st, 2021, assuming that the gross profit is 30.0% of sales.

2. Prepare entries as at December 31st, 2021, to close the required accounts.

Reference no: EM132780800

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