Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross p...
Given the following, calculate the estimated cost of ending inventory using the gross profit method.
| Gross profit on sales | 65 | % | Net purchases | $ | 5,000 | |
| Beginning inventory | $ | 30,100 | Net sales at retail | $ | 18,100 | |
Estimated cost of ending inventory
$
Homework Answers
Cost of Goods available for sale = 30,100 + 5,000
= 35,100
Cost of Goods Sold = 18,100 - 65%
= 6335
Ending inventory = Cost of Goods available - Cost of Goods Sold
= 35,100 - 6335
= 28,765
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