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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 : $20,000Net purchases: $50,000Net sales through April 30th: $80,000Historical gross profit ratio: 50%
Problem 1: What is their estimated ending inventory?
Option 1: 20,000Option 2: None of the other options are correct. Option 3: 10,000Option 4: 30,000
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