If net sales are $480,000, cost of goods available for sale is $349,000, and gross profit percentage is 38%. what is the amount of ending inventory?

Ending inventory = Cost of good available - cost of goods sold

Net sales = $480,000
Cost of goods available = $349,000
Gross profit percentage = 38%

First, we need to find the cost of goods sold to find the ending inventory. 
To find the cost of good sold we need to take the gross profit percentage from the net sales and then subtract it from what is available. 

($480,000)(0.38) = $182,400
$349,000 - $182,400 = $166,600
Cost of goods sold = $166,600

Ending inventory = $349,000 - $166,600
Ending inventory = $182,400

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