Miller Company needs an estimate of its ending inventory balance. The following information is available:
$\begin{array}{ll}
&\text { Cost } & \text { Retail } \
\text {Sales revenue }&\
\text {Beginning inventory }&\$ 35,000 & \$ 180,000 \
\text {Net purchases }&100,000 & 62,000 \
\text {Grosssmargin percentage }&30 \% & 135,000
\end{array}$
Given this information, when using the gross margin estimation method, ending inventory is approximately

Question

Miller Company needs an estimate of its ending inventory balance. The following information is available:
$\begin{array}{ll}
&\text { Cost } & \text { Retail } \
\text {Sales revenue }&\
\text {Beginning inventory  }&\$ 35,000 & \$ 180,000 \
\text {Net purchases }&100,000 & 62,000 \
\text {Grosssmargin percentage }&30 \% & 135,000
\end{array}$
Given this information, when using the gross margin estimation method, ending inventory is approximately

Quizplus · Accepted Answer

The Answer of Miller Company needs an estimate of its ending inventory balance. The following information is available:
$\begin{array}{ll}
&\text { Cost } & \text { Retail } \
\text {Sales revenue }&\
\text {Beginning inventory  }&\$ 35,000 & \$ 180,000 \
\text {Net purchases }&100,000 & 62,000 \
\text {Grosssmargin percentage }&30 \% & 135,000
\end{array}$
Given this information, when using the gross margin estimation method, ending inventory is approximately

Miller Company Needs an Estimate of Its Ending Inventory Balance