Haskin's Wholesale began the year with inventory of $51,600 and made purchases of $326,800 during the year.

Question:

Haskin's Wholesale began the year with inventory of $51,600 and made purchases of $326,800 during the year. Sales for the year are $505,300, and Haskin's Wholesale's gross profit percentage is 38 percent of sales.

Compute Haskin's Wholesale's estimated cost of ending inventory 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 =...