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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Financial accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
IFRS Edition
9781119153726, 978-1118285909
