Clayburn Enterprises reported the following information for the current year: Required Using the gross profit method, estimate

Question:

Clayburn Enterprises reported the following information for the current year:

Required
Using the gross profit method, estimate Clayburn's cost of goods sold for the year and the ending inventory at year end. Explain why a company might need to estimate its ending inventory.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...