Miller company needs an estimate of its ending inventory, Ask an Expert

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Miller Company needs an estimate of its ending inventory balance. The following information is available
Cost Retail
Sales Revenue $180,000
Beg Inventory $35,000 $62,000
net purchases 100,000 135,000
gross margin percentages 30%

Given this information, when using the gorss margin estimation method, ending inventory is approximately
A) 1,000
b) 9,000
C) 19,000
d) 11,650

Please explain why each answer was worng and why the correct one was right.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410961

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