Question: Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% $180,000 Beginning inventory

Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000 Estimated gross profit rate 36% $180,000 Beginning inventory Purchases (net) Merchandise available for sale 5,945,000 $6,125,000 Estimated Cost of Ending Inventory Merchandise available for sale 6,125,000 Cost of goods sold 2,205,000 X Estimated ending inventory

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