Metro Technology began the year with inventory of $299,000 and purchased $1,820,000 of goods during the year.

Question:

Metro Technology began the year with inventory of $299,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,887,500, and Metro Technology's gross profit percentage is 60% of sales. Compute Metro Technology's estimated cost of by 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 =...