Question
On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $319,900 and sales amounted to $611,400. Gross margin
On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $319,900 and sales amounted to $611,400. Gross margin on sales was 65%.
Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
978-0132994873
