Reb John Co. estimates that its gross profit is 30% of net sales. The following data are also available:
Cost Selling Price
Beginning inventory $ 12,000
Net purchases 220,000
Net sales $300,000
The estimated ending inventory under the gross profit method is:

A 12,000
B 20,000
C 22,000
D 142,000

Answer rating: 100% (QA)

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