During the month of March, Moonrise Industries had sales of $450,000 and a cost of goods available for sale of $800,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to: A. $180,000 B. $530,000 C. $270,000 D. $620,000
During the month of March, Moonrise Industries had sales of $450,000 and a cost of goods available for sale of $800,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to: A. $180,000 B. $530,000 C. $270,000 D. $620,000
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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Please provide answer the general accounting question

Transcribed Image Text:During the month of March, Moonrise Industries had
sales of $450,000 and a cost of goods available for sale
of $800,000. The company consistently earns a gross
profit rate of 40%. Using the gross profit method, the
estimated inventory at March 31 amounts to:
A. $180,000
B. $530,000
C. $270,000
D. $620,000
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