Question
On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900 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 $313,900 and sales amounted to $611,400. Gross margin on sales was 67%.
Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
$
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Accounting
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
28th Edition
1337902683, 978-1337902687
