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Argosy University/ Phoniex University/
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Phoniex University
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ES-lSA. (Appendix B) Estimate inventory. (LO 9)
The following information is available for the Arizona Chemical Supply Company.
Â
Inventory, January 1, 2006
Net purchases for the month of January Net sales for the month of January Gross profit ratio  (historical)
Â
$240,000 750,000
950,000
40%
Â
Estimate the cost of goods sold for January and the ending inventory at January 31,  2006.
Â
Â
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