Question: Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $312,000 Beginning inventory 41,600 Purchases 208,000 For each

Estimating Inventory Using Gross Profit Method

The following data is from Netflicks Company for 2020.

Sales revenue $312,000
Beginning inventory 41,600
Purchases 208,000

For each separate case a through e, estimate ending inventory.

a. Markup is 50% on cost. ?
b. Markup is 60% on sales. ?
c. Markup is 25% on cost. ?
d. Markup is 40% on sales. ?
e. Markup is 60% on cost. ?

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