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 1. Inventory (at cost) $125,000
Sep. 130 Purchases, net (at cost) 300,000
Sep. 130 Sales 150,000
a. $275,000 b. $320,000 c. $105,000 d. $192,500
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
