Calculate Estimated Cost of Ending Inventory Using the Gross Profit

question 24

Short Answer

Calculate estimated cost of ending inventory using the gross profit method:
$$\begin{array} { | l | l | } \hline \text { Gross profit on sales } & 40 \% \\\hline \text { Beg inventory Aug 1, 2017 } & \$ 38,000 \\\hline \text { Net purchases } & \$ 9,900 \\\hline \text { Net sales at retail for June } & \$ 27,000 \\\hline\end{array}$$

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Definitions:

Utilitarianism

A moral philosophy that evaluates actions based on their outcomes, specifically aiming to maximize overall happiness and minimize suffering.

Voluntary Behavior

Actions taken by an individual out of free will or choice, rather than being coerced or obligated.

Motivation

The internal and external influences that motivate individuals to perform actions aimed at reaching an objective.

Personality

The combination of characteristics or qualities that form an individual's distinctive character.