Question - Urban Kicks, a shoe retailer, has historically maintained a profit margin of 30% of the selling price, but due to market pressures, had to drop that to 20% for the month of March. What is the estimated inventory at the end of March if they had $159,000 in inventory on January 1, given the following information?
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January
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February
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March
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Inventory on the 1st
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159,000
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Purchases
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400,000
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375,000
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400,000
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Sales Revenue
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300,000
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520,000
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805,000
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