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 67%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
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 67%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
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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