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:

Reversible Contraception

Birth control methods that can be discontinued to restore fertility, such as pills, intrauterine devices, and condoms.

Abstinence

The practice of refraining from indulging in certain activities, most commonly referring to abstaining from sexual activity or substance use.

Sterilization

A surgical procedure that makes the reproductive organs incapable of producing or “delivering” viable gametes (sperm and eggs).

Guttmacher Institute

A leading research and policy organization committed to advancing sexual and reproductive health and rights.