The gross profit percentage is multiplied by total sales to determine sales at cost The total sales at cost are deducted from beginning inventory plus purchases to determine ending inventory MarkupRetail Price Gross Profit Percentage at Selling Price X Gross Profit Percentage Sales at Cost Beginning Inventory Purchases Sales at Cost Ending Inventory Since the balance sheet contains so many estimates Do you think this estimate should be allowed for external reporting

Answer rating: 100% (QA)

Sometimes the physical inventory taking is impracticable due to numerous volumes of inventory In ret... View the full answer