A company needs to estimate its ending inventory Using the data below, compute The Companys estimated cost of ending inventory for the month of April Explain how you reached your answer Beginning inventory May 1 $ 2,000 Purchases for May 12,000 Retail sales during May 13,000 Normal gross profit ave...

Computation of the ending inventory Cost of goods sold Sales Gros ...

A company needs to estimate its ending inventory . Using the data below, compute The Companys estimated

Question:

A company needs to estimate its . Using the data below, computeThe Company’s estimated cost of for the month of April. Explain how you reached your answer.
Beginning inventory May 1 ........ $ 2,000
Purchases for May ........... 12,000
Retail sales during May ......... 13,000
Normal gross profit average............................... 40%

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...