6. ABC's records reflect sales of $150,000 and a cost of goods available for sale of $135,000.

If the gross profit rate on sales is 30%, the estimated cost of ending inventory under the gross profit method is

Select one:

a. $15,000

b. $45,000

c. $75,000

d. $30,000

7. As of December 31, 2020, ABC determined that the cost of its inventory was $95,000. The following assets were included in the aforementioned computation: 1. Goods sold to a customer that are in transit (FOB shipping point): $2,800

2. XYZ company (consignor) assets held on consignment by ABC (consignee). ABC will receive 7% commission when you sell them: $6,000

3. Assets of ABC company (consignor) that are under consignment with WWW company (consignee): $5,000

4. Goods purchased by ABC that are in transit (FOB destination): $4,000

What is the correct cost of ending inventory for ABC? Select one: a. $86,000 b. $95,000 c. $83,200 d. $82,200