I need help with Ernst Equipment Company financial statements?

  • Thread starter Thread starter tnbedroomeyes
  • Start date Start date
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tnbedroomeyes

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Ernst Equipment Co. wants to prepare interim financial statements for the first quarter. The company wishes to?
January 1 beginning inventory . . . . . . . $ 752,880
Cost of goods purchased . . . . . . . . . . . 2,159,630
Sales . . . . . . . . . . . . . . . . . . . . . . . . . 3,710,250
Sales returns . . . . . . . . . . . . . . . . . . . . 74,200

Required
Use the gross profit method to estimate the company’s first quarter ending inventory

Check: Estimated ending inventory $ 367,275
 
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