Question

Prompt Technology began the year with inventory of $15,000 and purchased $420,000 of goods during the year. Sales for the year are $870,000, and Prompt Technology’s gross profit percentage is 60% of sales. Compute Prompt Technology’s estimated cost of ending inventory by using the gross profit method.



$1.99
Sales1
Views98
Comments0
  • CreatedJuly 25, 2014
  • Files Included
Post your question
5000