R K Landscaping and Nursery began November with inventory of $46,800. During November, R K made net

Question:

R K Landscaping and Nursery began November with inventory of $46,800. During November, R K made net purchases of $33,900 and had net sales of $61,800. For the past several years, R K’s gross profit has been 45% of sales.
Requirement
1. Use the gross profit method to estimate the cost of the for November.

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 =...