Johnson Co. had sales during the most recent accounting period of $120,000. The cost of goods...

  

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Johnson Co. had sales during the most recent accounting period of $120,000. The cost of goods available for sale during this period was $117,000, and the retail selling price for these same goods was $150,000. What is the estimated cost of ending inventory using the retail method? I Gledhill Products had cost of goods available for sale in the amount of $600,000, and net sales of $700,000 during the year. If the company's products have an average gross profit of 25 percent, calculate the estimated cost of ending inventory using the gross profit method. Johnson Co. had sales during the most recent accounting period of $120,000. The cost of goods available for sale during this period was $117,000, and the retail selling price for these same goods was $150,000. What is the estimated cost of ending inventory using the retail method? I Gledhill Products had cost of goods available for sale in the amount of $600,000, and net sales of $700,000 during the year. If the company's products have an average gross profit of 25 percent, calculate the estimated cost of ending inventory using the gross profit method.