Question: Progress: 8 / 1 5 items Question Content Area For the period from Year 6 through Year 7 , Charlie Company had net sales of

Progress:8/15 items
Question Content Area
For the period from Year 6 through Year 7, Charlie Company had net sales of $500,000 and a gross profit of $200,000. During the first quarter of Year 8, 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, Year 8, using the gross profit method?
a. $22,500
b. $6,500
c. $6,000
d. $15,000

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