Based on the following data, estimate the cost of the ending inventory : Sales .....................................................$9,250,000 Estimated gross

Question:

Based on the following data, estimate the cost of the ending inventory:
Sales .....................................................$9,250,000
Estimated gross profit rate ...............................36%
Beginning inventory .................................$ 180,000
Purchases (net) .......................................5,945,000
Merchandise available for sale ..............$6,125,000

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 =...