Subject : Accounting Assume that we are auditing the records of Forde Corporation. A physical inventory hasbeen taken by the company under our observation. The records of the company show thefollowing account data. The gross profit last year was 25% of net sales; we anticipate thatit will be 25% for the current year under audit.Sales, gross$1,134,000Sales returns (returned to inventory) 18,000Purchases, grossBeginning inventoryFreight-inPurchase returns and allowances558,000360,00025,2007,200RequiredEstimate the cost of ending inventory using the gross profit method.• Note: Do not use negative signs with your answers.Cost of goods available for sale AnswerCost of goods sold, estimatedAnswerEnding Inventory, estimatedAnswer

The gross profit system estimates the value of force by applying the company's literal gross profit…

Answered: Assume that we are auditing the records…

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