Glass Corporation began the year with merchandise inventory of $ 42,450 and had net cost of purchases

Question:

Glass Corporation began the year with merchandise inventory of $ 42,450 and had net cost of purchases of $ 263,000 during the year. Net sales for the year are $ 501,000, and Glass’s gross profit percentage is 55% of sales. Compute the estimated cost of ending merchandise inventory by the gross profit method.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...