During the month of February, Evergreen Corporation had sales of $400,000 and a cost of goods available for sale of $750,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at February 28 amounts to:

During the month of February, Evergreen Corporation had sales of $400,000 and a cost of goods available for sale of $750,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at February 28 amounts to:

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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General Accounting Question please solve this problem

During the month of February, Evergreen Corporation
had sales of $400,000 and a cost of goods available for
sale of $750,000. The company consistently earns a gross
profit rate of 40%. Using the gross profit method, the
estimated inventory at February 28 amounts to:

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