Electronic Company began the year with inventory of ($55,800) and purchased ($277,000) of goods during the year.
Question:
Electronic Company began the year with inventory of \($55,800\) and purchased \($277,000\) of goods during the year. Sales for the year are \($476,000\), and Electronic s gross profit percentage is 45% of sales.
Requirement
1. Compute the estimated cost of ending inventory by the gross profit method.
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Step by Step Answer:
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Related Book For 
Financial And Managerial Accounting
ISBN: 9780135080191
2nd Edition
Authors: Charles T Horngren, Jr Walter T Harrison
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