Estimating ending inventory by the gross profit method [10-15 min]
R K Landscaping and Nursery began November with inventory of $46,800. During November, R K made net purchases of $33,900 and had net sales of $61,800. For the past several years, R K’s gross profit has been 45% of sales.
Requirement
1. Use the gross profit method to estimate the cost of the ending inventory for November.
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