Kays Beauty Supply' uses the gross profit method to estimate the cost of ending inventory ' for

Question:

Kay’s Beauty Supply' uses the gross profit method to estimate the cost of ' for in-house interim financial statements. Based on the following information for March, calculate Kay’s’ at March 31.
Cost of goods available for sale......... $ 1 25,000
Net sales for March.............. $80,000
Estimated historical gross profit rate on net sales.... 35%
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 =...