For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a
Fantastic news! We've Found the answer you've been seeking!
Question:
For the period from 2016 through 2016, the Charlie Company had net sales of $500,000 and a gross profit of $200,000. During the first quarter of 2018, the company made purchases of $19,500 and recorded sales of $47,500. The inventory value at the beginning of the year was 15,500. What is the estimated cost of Charlie's inventory on March 31, 2018, using the gross profit method?
a). $22,500
b). $15,000
c). $6,500
d). $6,000
Related Book For
Posted Date: