Question: Hello please help with this question. I don't have many attempts to check my work so I'm worried that I'm not getting the correct answer.

 Hello please help with this question. I don't have many attemptsto check my work so I'm worried that I'm not getting the

Hello please help with this question. I don't have many attempts to check my work so I'm worried that I'm not getting the correct answer.

correct answer. Exercise 9-3 Gross prot method [LEE-2] Royal Gorge lEiomoany usesIhe gross prot method to estimate ending inventoryr and soot of goods

Exercise 9-3 Gross prot method [LEE-2] Royal Gorge lEiomoany uses Ihe gross prot method to estimate ending inventoryr and soot of goods sold when preparing monthly nancial sletements required by its benit. Inventory on hend et the end of Dotober was $00,200. The following information for the month of November wes aveilabie from company records: Porohases 01211000 Freight-in 4300 Sales 205,000 Bales retums 0.000 Purohases returns E000 In additionI the oonlroller is ewere of $3,000 of inventory 1het was stolen during November from one of the eomoeny's warehouses. Required: 1. Geiouiate Ihe estimated inventory at the end of November, assuming a gross prot ratio of 40%. Beginning inventory mummmmam _ _ a _ _ -I s Lessee-mm _ Estimated ending inventory __

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