Gross profit method

Based on the following data, estimate the cost of the ending inventory:

Estimated Cost of Ending Inventory

$1$ more Check My Work uses remaining. Retail method; gross profit method

Selected data on inventory, purchases, and sales for Jaffe Co$.$ and Coronado Co$.$ are as follows:

Coronado Co$.$

Required:

$1.$ Determine the estimated cost of the inventory of Jaffe Co$.$ on February $28$ by the retail method, presenting details of the computations.

Jaffe Co$.$

Estimated Cost of Inventory

February $28$

$1$ more Check My Work uses remaining. $2$a$.$ Estimate the cost of the inventory of Coronado Co$.$ on October $31$ by the gross profit method, presenting details of the computations.

Coronado Co$.$

Estimated Cost of Inventory

October $31$

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$1$ more Check My Work uses remaining.