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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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