Use the Inventory Table and
the gross profit inventory
method to estimate the ending
inventory and cost of goods
sold if a 48% gross profit on
sales is realized and net sales
are $1,612.51.
Date of purchase
Beginning
inventory
April 12
May 8
June 2
Units
purchased
99
22
12
37
Cost per
unit
$12
$10
$13
$15
Retail price
per unit
$17
$11
$14
$23