acct209 at Texas A&M

14. Estimating with Gross Profit

in Chapters 6 & 7 (Video 14 of 14)
The Gross Profit Method is a way to estimate what our Cost of Goods Sold is, without having to do a physical inventory count.

This Video Mentioned Some Formulas

Profit Margin = Net Income / Sales Revenue
Gross Profit
Gross Profit Margin = Gross Profit / Sales Revenue
Gross Profit Ratio is the same as Gross Profit Margin
Beginning Inventory
+ Net Purchases
Ending Inventory

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