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Malone's Products August 1 - August 31 Cost Retail Beginning Inventory, August 1 $135,000 $180,000 Purchases $300,000 $400,000 Net Sales $450,000 Using the retail method,

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Malone's Products August 1 - August 31 Cost Retail Beginning Inventory, August 1 $135,000 $180,000 Purchases $300,000 $400,000 Net Sales $450,000 Using the retail method, Malone found the estimated value of his ending inventory at cost on August 31 was $97,500 What was the amount of his gross profit

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