Question
If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data?
If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data?
| Sep. 01 | Inventory | $87,779.00 |
| Sep. 01-30 | Purchases (net) | $195,502.00 |
| Sep. 01-30 | Sales (net) | $129,466.00 |
Select the correct answer.
$192,654.80
$38,839.80
$58,650.60
$90,626.20
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Cloud Audit Toolkit For Financial Regulators
Authors: Asian Development Bank
1st Edition
9292692089, 978-9292692087
