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Determine the estimate the cost of ending inventory at may

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Midlife Corp. is in the process of preparing its financial statements as at May 31, 2019. It has a consistent mark-up of 200% on goods it sells. The following information is available for the five months ended May 31:

Opening inventory $ 10,000 Net purchases 140,000 Sales 250,000

Required:

Question 1: Estimate the cost of ending inventory at May 31.

 

Reference no: EM132463196

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