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TB Nelson Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amounted to $180,000; the beginning inventory on June 1 was $54,000; and the cost of goods purchased during June amounted to $90,000. The estimated cost of TB Nelson Company's inventory on June 30 is Group of answer choices $21,600. $72,000. $126,000. $36,000.

Respuesta :

tanseershar

Answer:

$36,000

Explanation:

Sales                  $180,000

Less:

Opening Inventory    ($54,000)

Purchases                  ($90,000)

Closing Inventory      $36,000

or

Gross Profit (180,000*40%)   $72,000

Add;Opening inventory            $54,000

Purchases                                $ 90,000

Less: Sales                             ($180,000)

Closing Inventory                    $36,000

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