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Mac's hardware's gross profit on sales is 40%. at the beginning of january, cost of inventory was $18,000. during one month, mac had net purchases of $42,000. net sales at retail for the month were $49,000. the estimated cost of ending inventory using the gross profit method is:

Respuesta :

The estimated cost of ending inventory using the gross profit method is $30,600 based on the inventory data from the question above. First, you have to find the cost of good sold from by subtracting the net sales by the gross profit ($29,400=$49,000-40%*$49,000). Then you can use the cost of good sold formula to find the ending inventory's cost ($30,600=$18,000+$42,000-$29,400).

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