answer complete question, answer in text form please (without image) Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthlyfinancial statements required by its bank. Inventory on hand at the end of October was $59,100. The following information for themonth of November was available from company records:PurchasesFreight-in$ 116,0003,600SalesSales returns210,00011,0007,000Purchases returnsIn addition, the controller is aware of $11,000 of inventory that was stolen during November from one of the company's warehouses.Required:1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.2. Calculate the estimated inventory at the end of November, assuming a markup on cost of 60%.Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.Beginning inventoryPlus: Net purchasesFreight-inCost of goods available for saleLess: Cost of goods sold:Net salesLess: Estimated gross profitEstimated cost of goods soldEstimated cost of inventory before theftLess: Stolen inventoryEstimated ending inventory$0000Required 2 >

Name: answer complete question, answer in text form please (without ima
Uploaded: 2024-03-20T06:32:37.000Z
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Description: answer complete question, answer in text form please (without image) Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthlyfinancial statements required by its bank. Inventory