Question: Comprehensive in class Problems Inventory special valuation Oct 26 th Hector companys records indicate the gross profit on sales at 40% and the following information:

Comprehensive in class Problems Inventory special valuation Oct 26th

  1. Hector companys records indicate the gross profit on sales at 40% and the following information:

December 31st ending inventory $23,000

Purchases Jan 1 June 30th $482,000

Freight cost on purchases $25,000

Sales Jan 1 June 30th $860,000

Calculate cost of ending inventory using the gross profit method.

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