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Compute the estimated ending inventory value

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Question - On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:

Beginning inventory, January 1: $4,000

Net sales: $80,000

Net purchases: $78,000

The company's gross margin ratio is 25%. Using the gross profit method, compute the estimated ending inventory value?

A. $19,500.

B. $60,000.

C. $20,000.

D. $22,000.

E. $82,000.

Reference no: EM132504340

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