Question
n July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $317,900 and sales amounted to $611,400. Gross margin
n July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $317,900 and sales amounted to $611,400. Gross margin on sales was 65%.Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
