On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $315,900 and sales amounted to $611,400. Gross margin on sales was 63%.Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).$

Inventory refers to the stock of goods or materials that a company holds for the purpose of sale or…

Answered: On July 1, the total inventory for…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $315,900 and sales amounted to $611,400. Gross margin on sales was 63%. the cost value of the inventory as of July 31 using the gross profit method (in $). Estimate $