Answer:
$56,400
Explanation:
Jefferson company has a sales of $306,000
The cost of goods available for sale is $270,600
The first step is to calculate the gross profit
= 306,000 × 30/100
= 306,000 × 0.3
= 91,800
The cost of goods sold can be calculated as follows
= $306,000-91,800
= $214,200
Therefore the estimated cost of ending inventory under the gross profit method can be calculated as follows
= $270,600-214,200
= $56,400
