When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2:
Beginning inventory $233,000
Purchases $788,000
Sales $1,083,000
Estimated gross margin percentage 45%
What was Pace's estimated inventory on March 31, 2016?
a. $454,950
b. $556,050
c. $595,650
d. $425,350
Answers: 1
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