On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,200 Net sales: $81,000 Net purchases: $79,000 The company's gross margin ratio is 30%. Using the gross profit method, the estimated ending inventory value woul be: Multiple Choice $56,700. $24.300 Prey 10 of 10 !!! Next > Use the following information for Shafer Company to compute inventory turnover for year 2 Net sales Cost of goods sold Ending inventory Year 2 $655,500 390,100 79,300 Year 1 $584,500 361, eee 89,988 Multiple Choice 4.87 O 5.87 flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28.800 2. Purchases for the period: $17,800 3. Sales for the period: $55,800 4. Sales returns for the period: $780 The company's average gross profit ratio is 32%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice O $28,993.60 $9,186.40 Next >