Wayman Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayman’s gross profit rate averages 30%. The following information for the first quarter is available from its records:
| January 1 beginning inventory | 325,950 |
| Cost of goods purchased | 942,525 |
| Sales | 1,201,750 |
| Sales returns | 9,780 |
Required
Use the gross profit method to estimate the company’s first-quarter ending inventory.
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