Gross profit method
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ABC Co.'s gross profit is consistently 30% of sales. During the most
recent accounting period its beginning inventory had a cost of $60,000
and it made purchases with a net cost of $340,000. ABC's sales
amounted to $500,000. The estimated cost of its ending inventory
using the gross profit method is $___________.
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Solution Summary
The solution explains how to estimate ending inventory using gross profit method
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