Calculate Estimated Cost of Ending Inventory Using the Gross Profit

question 104

Short Answer

Calculate estimated cost of ending inventory using the gross profit method:
$$\begin{array} { | l | l | } \hline \text { Gross profit on sales } & 35 \% \\\hline \text { Beg inventory June 1, 2017 } & \$ 22,000 \\\hline \text { Net purchases } & \$ 6,600 \\\hline \text { Net sales at retail for June } & \$ 12,000 \\\hline\end{array}$$

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