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…

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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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 $