Question
If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on September 30, based on the following
If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on September 30, based on the following data?
| Sep. 1 | Merchandise inventory (at cost) | $125,000 |
| Sep. 1-30 | Purchases, net (at cost) | 300,000 |
| Sep. 1-30 | Sales | 150,000 |
a. $105,000
b. $275,000
c. $320,000
d. $192,500
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Managerial Accounting And Analysis In Multinational Enterprises
Authors: H P Holzer
1st Edition
3110100819, 978-3110100815
