A particular gym maintains a gross margin of 55% on all its weight training products. In April, the gym had a beginning inventory of $142,000, net purchases of $204,000, and net sales of$439,000. Use the gross profit method to estimate the cost (in $) of ending inventory.$Need Help?Read It

Ending inventory refers to the value of inventory that a business has on hand at the end of an…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

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Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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A particular gym maintains a gross margin of 55% on all its weight training product. in April, the Gym had a beginning inventory of $148,000, net purchases of $202,000, and net sales of $436,000. Use the gross profit method to estimate the cost (in$) of ending inventory.
During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answer
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A particular gym maintains a gross margin of 55% on all its weight training products. In April, the gym had a beginning inventory of $142,000, net purchases of $204,000, and net sales of $439,000. Use the gross profit method to estimate the cost (in $) of ending inventory.