Using the gross margin method, what is the estimated ending inventory?

FratBro23
Category:
Mathematics
Price: $5 USD

Question description

A firm has beginning inventory of $50,000 and purchases of $290,000 for an accounting period. Sales totaled $400,000, and typical gross margin as a percentage of sales has been 30%. Using the gross margin method, what is the estimated ending inventory?

 
 
 

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