Answered: At August 31, Kennedy Company has net…

At August 31, Kennedy Company has net sales of $450,000 and cost of goods available for sale of $400,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 40%.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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provide correct answer General accounting

At August 31, Kennedy Company has net sales of
$450,000 and cost of goods available for sale of
$400,000. Compute the estimated cost of the ending
inventory, assuming the gross profit rate is 40%.

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