Kelly Company on September 1, 201X, had inventory costing $30,000 and during September had net purchases of

Question:

Kelly Company on September 1, 201X, had inventory costing $30,000 and during September had net purchases of $67,900. Over the years, Kelly Company's gross profit averaged 42% on sales. Given that the company has net sales of $108,000, calculate an estimated cost of using the gross profit method.
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 =...