(L.OBJ. 7) Estimating ending Inventory by the gross profit method [10 min]
Electronic Company began the year with inventory of $55,800 and purchased $277,000 of goods during the year. Sales (or the year are $476,000, and Electronic's gross profit percentage is 45% of sales.
Requirement
1. Compute the estimated cost of ending inventory by the gross profit method.
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