A dozen eggs cost $0.96 in December 2000 and $1.82 in December 2017. The average wage for workers in private industries was $14.
1 answer:
You might be interested in
Answer:
$60000
Explanation:
Given: Sales = $300000.
Cost of goods available for sale= $270000.
The gross profit ratio= 30%
First finding the gross profit out of total sales.
Gross profit=
Gross profit=
∴ Cost of goods sold=
Cost of goods sold=
Cost of goods sold=
Hence, cost of goods sold=
Now, finding estimated cost of the ending inventory.
Cost of ending inventory=
⇒ Cost of ending inventory=
∴ Cost of ending inventory=
Hence, estimated cost of the ending inventory under the gross profit method would be $60000.