During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise

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During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%.

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Financial Accounting and Reporting a Global Perspective

ISBN: 978-1408076866

4th edition

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

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Question Posted: Jan 10, 2013 07:01 AM

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During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise

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