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Pace's estimated inventory on March 31, 2016, is $206,250
A quarterly report is a condensed version of a company's quarterly release of unaudited financial statements, such as balance sheets, income statements, and cash flow statements (three months). It simply means that a business issues four financial statements on a quarterly basis each year.
Quarterly reports offer information on a company's performance, which helps investors and analysts assess the company's health. Public corporations file quarterly earnings reports every three months to provide information on their most recent performance. Stock analysts, investors, and others use earnings reports to evaluate a company's present financial situation and long-term performance.
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When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the 1st quarter of 2016:
Beg Inv 110,000
Purchases 385,000
Sales 525,000
Estimated gross margin percentage 45%
What was Pace's estimated inventory on March 31, 2016? A. $236,250
B. $288,750
C. $206,250
D. $258,750
Learn more about quarterly financial statements here:
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