Question
Video Company had sales during July 20X3 of $30,000. During the month, the company had purchases of $10,000. At July 1, 20X3, the company had
Video Company had sales during July 20X3 of $30,000. During the month, the company had purchases of $10,000. At July 1, 20X3, the company had inventory of $10,000. Assuming the company has a gross profit percentage of 40%, what is the estimated ending inventory for Video Company at July 31, 20X3?
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Financial accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
IFRS Edition
9781119153726, 978-1118285909
