How did you get the ending finished goods inventory and the costs of goods sold?

Use the following steps to calculate closing inventory by the gross profit method:

1. Add the cost of beginning inventory to the cost of purchases during the period. This is the cost of goods available for sale.

2. Multiply the gross profit percentage by sales to find the estimated cost of goods sold.

3. Subtract the cost of goods available for sold from the cost of goods sold to get the ending inventory.

rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500