Calculate estimated cost of ending inventory using the gross profit method:
$$\begin{array} { | l | l | }
\hline \text { Gross profit on sales } & 40 \% \
\hline \text { Beg inventory Aug 1, 2017 } & \$ 38,000 \
\hline \text { Net purchases } & \$ 9,900 \
\hline \text { Net sales at retail for June } & \$ 27,000 \
\hline
\end{array}$$

Question

Calculate estimated cost of ending inventory using the gross profit method:
 $$\begin{array} { | l | l | } 
\hline \text { Gross profit on sales } & 40 \% \
\hline \text { Beg inventory Aug 1, 2017 } & \$ 38,000 \
\hline \text { Net purchases } & \$ 9,900 \
\hline \text { Net sales at retail for June } & \$ 27,000 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Calculate estimated cost of ending inventory using the gross profit method:
 $$\begin{array} { | l | l | } 
\hline \text { Gross profit on sales } & 40 \% \
\hline \text { Beg inventory Aug 1, 2017 } & \$ 38,000 \
\hline \text { Net purchases } & \$ 9,900 \
\hline \text { Net sales at retail for June } & \$ 27,000 \
\hline
\end{array}$$

Calculate Estimated Cost of Ending Inventory Using the Gross Profit