Glass Corporation began the year with merchandise inventory of $ 42,450 and had net cost of…

Glass Corporation began the year with merchandise inventory of $ 42,450 and had net cost of purchases of $ 263,000 during the year. Net sales for the year are $ 501,000, and Glass’s gross profit percentage is 55% of sales. Compute the estimated cost of ­­ending merchandise inventory by the gross profit method.View Solution:
Glass Corporation began the year with merchandise inventory of