Question
Malone's Products August 1 August 31 Cost Retail Beginning Inventory, August 1 $135,000 $180,000 Purchases $300,000 $400,000 Net Sales $450,000 Using the retail method, Malone
Malone's Products August 1 August 31
| Cost | Retail | ||
| Beginning Inventory, August 1 | $135,000 | $180,000 | |
| Purchases | $300,000 | $400,000 | |
| Net Sales | $450,000 |
Using the retail method, Malone found the estimated value of his ending inventory at cost on August 31 was $97,500. What was the amount of his gross profit?
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
