The following information is available for an entity for the quarter ended March 31, of the current year: Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales. What is the estimated cost of the merchandise inventory at March 31, of the current year? Select an option 20,000 40.000 60.000 180.000

The following information is available for an entity for the quarter ended March 31, of the current year: Merchandise inventory, as of January 1 of the current year 30,000, Sales 200,000, Purchases 190,000. The gross profit margin is normally 20% of sales. What is the estimated cost of the merchandise inventory at March 31, of the current year? Select an option 20,000 40.000 60.000 180.000

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Description: Please do not give solution in image format thanku The following information is available foran entity for the quarter ended March 31,of the current year: Merchandiseinventory, as of January 1 of the currentyear 30,000, Sales 200,000, Purchases190,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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