Amy Company on January 1, 201X, had inventory costing $33,000 and during January had net purchases of

Question:

Amy Company on January 1, 201X, had inventory costing $33,000 and during January had net purchases of $67,400. Over the years, Amy Company's gross profit averaged 41% on sales. Given that the company has net sales of $110,000, calculate an estimated cost of using the gross profit method.
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 =...