The accountant for Rock Springs,Inc.needs to estimate the ending inventory balance so that she can prepare quarterly financial statements.The accountant has gathered the following information: 
Use the gross profit method to estimate the cost of the ending inventory.
Definitions:
Rights of Assignee
Legal entitlements transferred to an assignee, allowing them to claim the benefits under the contract or agreement from the assignor.
Business Loan
A loan specifically intended for business purposes, where funds are lent to a business entity in exchange for future repayment of the loan principal amount along with interest or other finance charges.
Investor
An individual or entity that allocates resources with the expectation of achieving a financial return.
Creditor
An individual or entity that is owed money or has a claim to the assets of a debtor.
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