Kays Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house

Question:

Kay’s Beauty Supply uses the gross profit method to estimate the cost of for in-house interim financial statements. Based on the following information for March, calculate Kay’s Beauty Supply’s at March 31.
Cost of goods available for sale ............. 125,000
Net sales for March ................ 80,000
Estimated historical gross profit rate on net sales ...... 35%

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 =...