Gross profit method Based on the following data, estimate the cost of the ending inventory: Sales Estimated gross profit rate Beginning inventory Purchases (net) Merchandise available for sale Estimated Cost of Ending Inventory Line Item Description Merchandise available for sale Cost of goods sold Estimated ending inventory Amount 960,000 $1,450,000 42% $100,000 860,000 $960,000

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.