McCarlie Clothing Store has the following information available: Required: 1. On the basis of this information, estimate

Question:

McCarlie Clothing Store has the following information available:

Required:
1. On the basis of this information, estimate the cost of inventory on hand at March 31, 2012, using the gross margin method.
2. How accurate do you think this methodis?

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 04:43 AM

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McCarlie Clothing Store has the following information available: Required: 1. On the basis of this information, estimate

Question:

Cost Selling Price Other Purchases during March 2012 Inventory balance, March I, 2012 Sales during March Average gross margin rate for the last three years. $250,000 $400,000 75,000 115,000 550,000 52%

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1 Gross margin method Sales revenue 550000 Cost of goods sold Be...View the full answer

Accounting concepts and applications

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