The Accountants for Ruiz Imports Need to Estimate the Ending

question 13

Essay

The accountants for Ruiz Imports need to estimate the ending inventory balance so that they can prepare quarterly financial statements.The accountants have gathered the following information:
Required: Use the gross profit method to estimate the ending inventory.

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Definitions:

Cochlea

The spiral-shaped, fluid-filled inner ear structure responsible for converting sound waves into nerve impulses to be interpreted by the brain.

Trichromat

A person with normal color vision.

Dichromat

A person who is sensitive to black–white and either red–green or blue–yellow and hence is partially color–blind.

Bichromat

An individual with the ability to perceive only two of the three primary colors due to a form of color vision deficiency.