(SOLVED) City Technology began the year with inventory of 244 000 and


Question Description:

$19

City Technology began the year with inventory of $244,000 and purchased $1,540,000 of goods during the year. Sales for the year are $4,000,000, and City’s gross profit percentage is 60% of sales. Compute City’s estimated cost of ending inventory by using the gross profit method.

Answer

$19