During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise
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During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%.
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Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
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