S6-11 (Learning Objective 5: Estimate ending inventory by the gross profit method) Federal Technolog

S6-11

(Learning Objective 5: Estimate ending inventory by the gross profit method) Federal Technology began the year with inventory of $315,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,920,000, and FederalAc€?cs gross profit percentage is 60% of sales. Compute FederalAc€?cs estimated cost of ending inventory by using the gross profit method.

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