Question: Prompt Technology began the year with inventory of 15 000 and

Prompt Technology began the year with inventory of $15,000 and purchased $420,000 of goods during the year. Sales for the year are $870,000, and Prompt Technology’s gross profit percentage is 60% of sales. Compute Prompt Technology’s estimated cost of ending inventory by using the gross profit method.


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  • CreatedJuly 25, 2014
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