McCarlie Clothing Store has the following information available: Required: 1. On the basis of this information, estimate
Question:
McCarlie Clothing Store has the following information available:
Required:
1. On the basis of this information, estimate the cost of inventory on hand at March 31, 2012, using the gross margin method.
2. How accurate do you think this methodis?
Transcribed Image Text:
Cost Selling Price Other Purchases during March 2012 Inventory balance, March I, 2012 Sales during March Average gross margin rate for the last three years. $250,000 $400,000 75,000 115,000 550,000 52%
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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