using the information provided from the general ledger calculate the estimated closing inventory using the gross profit method

AP-12A LO Using the information provided from the general ledger, calculate the estimated closing inventory using the gross profit method. Sales $200,000 Opening Inventory $67,000 Purchases $90,000 Gross Profit Margin (from examination of prior years' statements) 30% 344 use the following information to calculate the estimated closing inventory at cost by using the retail method. At Cost At Retail Cost of Goods Sold Opening Inventory 2,000 4,000 Purchases 42,000 90,000 Cost of Goods Available for Sale 44,000 94,000 Sales at Retail 50,000 Closing Inventory at Retail 44,000