Given the following, calculate the estimated cost of ending inventory using the gross profit method.
$$\begin{array} { | l | l | }
\hline \text { Gross profit on sales } & 28 \% \
\hline \text { Beg Inventory Jan 1, 2017 } & \$ 60,000 \
\hline \text { Net Purchases } & \$ 44,000 \
\hline \text { Net Sales at Retail } & \$ 55,000 \
\hline
\end{array}$$

Question

Given the following, calculate the estimated cost of ending inventory using the gross profit method.
 $$\begin{array} { | l | l | } 
\hline \text { Gross profit on sales } & 28 \% \
\hline \text { Beg Inventory Jan 1, 2017 } & \$ 60,000 \
\hline \text { Net Purchases } & \$ 44,000 \
\hline \text { Net Sales at Retail } & \$ 55,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Given the following, calculate the estimated cost of ending inventory using the gross profit method.
 $$\begin{array} { | l | l | } 
\hline \text { Gross profit on sales } & 28 \% \
\hline \text { Beg Inventory Jan 1, 2017 } & \$ 60,000 \
\hline \text { Net Purchases } & \$ 44,000 \
\hline \text { Net Sales at Retail } & \$ 55,000 \
\hline
\end{array}$$

Given the Following, Calculate the Estimated Cost of Ending Inventory