(Answered) On january 1 jkr shop had 225000 of inventory at cost in

Accounting

On January 1, JKR shop had 225,000 of inventory at cost. In the first quarter of the year, it purchased 795,000 of merchandise, returned 11,550, and paid freight charges of 18,800 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 30%, and the store had 1,000,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter.

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