Hey experts get correct answer this financial accounting question During the month of March, Horizon Enterprises had sales of $500,000 and acost of goods available for sale of $900,000. The company consistently earnsa gross profit rate of 40%. Using the gross profit method, the estimatedinventory at March 31 amounts to:

Step 1: Define Gross Profit MethodThe Gross Profit Method is a technique used to estimate ending…

Answered: During the month of March, Horizon…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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During the month of March, Horizon Enterprises had sales of $500,000 and a cost of goods available for sale of $900,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to: