Welluck Carpets began the year with inventory of $1,400,000. Inventory purchases for the year totalled $3,200,000. Sales

Question:

Welluck Carpets began the year with inventory of $1,400,000. Inventory purchases for the year totalled $3,200,000. Sales revenue for the year was $7,000,000 and the gross margin was 40 percent. How much is Welluck Carpets' estimated cost of ? Use the gross margin method.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...