The White Mall housed the premises of Dawn’s Drapery Company Ltd. On the morning of November 1, fire gutted the shop. Dawn’s Drapery had been a popular location for homeowners and had, as a result, consistently earned a gross profit of 40 per cent over the year. Appropriate information to date is as follows:
|
Sales |
$1,220 |
|
Purchases |
700 |
|
Purchases returns and allowances |
20 |
|
Sales returns and allowances |
16 |
|
Delivery expense |
30 |
|
Transportation-in |
12 |
|
Administrative expense |
8 |
|
Opening inventory (Jan.1) |
100 |
|
Advertizing expense |
20 |
|
Salaries |
85 |
|
Sales discounts |
4 |
Required: Calculate the estimated ending inventory.
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