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During the month of March, Ocean view Enterprises had sales of $500,000 and a cost of goods available for sale of $850,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to:

During the month of March, Ocean view Enterprises had sales of $500,000 and a cost of goods available for sale of $850,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to:

Principles of Accounting Volume 2
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, Ocean view Enterprises had sales of $500,000 and a cost of goods available for sale of $850,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to:
Transcribed Image Text:During the month of March, Ocean view Enterprises had sales of $500,000 and a cost of goods available for sale of $850,000. The company consistently earns a gross profit rate of 40%. Using the gross profit method, the estimated inventory at March 31 amounts to:
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