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Gross Profit Method
Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $58,500.
The following information for the month of November was available from Company records:
Purchase $110,000
Freight-in 3,000
Sales 180,000
Sales return 5,000
Purchase returns 4,000
Required:
Question 1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%
Question 2. Calculate the estimated inventory at the end of November, assuming a markup on cost of 100%.
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