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

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.

Sales Beginning inventory Purchases Gross profit percentage $800,000 25,000 502,000 40%

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