A particular gym maintains a gross margin of 55% on all its weight training product. in April, the Gym had a beginning inventory of $148,000, net purchases of $202,000, and net sales of $436,000. Use the gross profit method to estimate the cost (in$) of ending inventory.

A particular gym maintains a gross margin of 55% on all its weight training product. in April, the Gym had a beginning inventory of $148,000, net purchases of $202,000, and net sales of $436,000. Use the gross profit method to estimate the cost (in$) of ending inventory.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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