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H Company has sales of $180,000 and the cost of goods available for sale of $159,000. If the gross profit rate is 34.56%, the estimated cost of the ending inventory under the gross profit method is?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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H Company has sales of $180,000 and the cost of goods available for sale of $159,000. If the gross profit rate is 34.56%, the estimated cost of the ending inventory under the gross profit method is?

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