The gross profit of Bellevue Widget Company Ltd. has consistently averaged 39%. The company’s records were recently destroyed by fire. The following data are available:
|
Sales |
$305 |
|
Purchases |
175 |
|
Opening inventory |
25 |
|
Sales returns and allowances |
5 |
|
Purchases returns and allowances |
5 |
|
Delivery expenses |
8 |
|
Transportation-in |
3 |
|
Truck operating expenses |
3 |
|
Selling commissions expense |
6 |
|
Administrative expenses |
3 |
Required: Calculate the estimated ending inventory.
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