The Joker Company has net sales of $401,500 and cost of goods available for sale of $307,200. If the gross profit rate is 35%, what is the estimated cost of the ending inventory?
Gross Profit / Sales = Gross Profit %
Batman Shoe Shop had goods available for sale in 2020 with a retail price of $140,000. The cost of these goods was $98,000. If sales during the period were $80,900, what is the estimated cost of ending inventory using the retail inventory method? GAS @ Cost / GAS @ Retail = Cost to Retail %