aestion Help The Oyprus Company recenity loat ts entire inve

aestion Help The Oyprus Company recenity loat ts entire inventory in a fre The accounting records oflect the following nformation Begining Inventory $36,000 Net Purchases Net Sales Gross Proft Rate Using the gross profit method,etimated inventory O A. $102,800 ° C. S29520 O D. Cannot be determined with given information Click to select your arswer command option

Solution

Net Sales                   378,300 Gross Profit Rate 40% Cost of goods sold(378300*60%)                   226,980 Begning Inventory                     36,000 Net Purchases                   220,500 Total                   256,500 Less Cost of goods sold                   226,980 Estimated inventory                     29,520