Business, 03.07.2020 18:01 josephsalazar123
Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise inventory:
Sales (net) $1,450,000
Estimated gross profit rate 42%
Beginning merchandise inventory $100,000
Purchases (net) 860,000
Merchandise available for sale $960,000
Cost of Ending Merchandise Inventory
Merchandise available for sale $
Less cost of merchandise sold $
Estimated ending merchandise inventory $
Answers: 1
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Gross Profit Method
Based on the following data, estimate the cost of the ending merchandise invent...
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