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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 | $86,444.00 |
| Sep. 01-30 | Purchases (net) | $182,263.00 |
| Sep. 01-30 | Sales (net) | $121,792.00 |
Select the correct answer.
$36,537.60
$85,254.40
$54,678.90
$183,452.60
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Surviving An IRS Tax Audit
Authors: Frederick W. Daily
3rd Edition
1413318649, 978-1413318647
