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Owens Janitor Supply Has the Following Account Balances at the End

question 127

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Owens Janitor Supply has the following account balances at the end of the current accounting period.  Beginning inventory $50,000 Net purchases 400,000 Net sales revenue 500,000\begin{array}{|l|c|}\hline \text { Beginning inventory } & \$ 50,000 \\\hline \text { Net purchases } & 400,000 \\\hline \text { Net sales revenue } & 500,000\\\hline \end{array} A normal gross profit percent is 40%.What is the Estimated ending inventory as determined by the gross profit method?

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