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What is the estimated ending inventory for layzee co

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On April 30th 2020, Layzee Co. needs to calculate its ending inventory for forecasting purposes. Instead of conducting a physical check, they utilize the gross profit method to estimate their ending inventory. The following information pertains to their inventory:

Beginning inventory : $20,000
Net purchases: $50,000
Net sales through April 30th: $80,000
Historical gross profit ratio: 50%

Problem 1: What is their estimated ending inventory?

Option 1: 20,000
Option 2: None of the other options are correct.
Option 3: 10,000
Option 4: 30,000

Reference no: EM132805873

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