Based on the following data, estimate the cost of the ending merchandise inventory:
Sales (net) $1,450,000
Estimated gross profit rate 42%
Beginning merchandise inventory $100,000
Purchases (net) 860,000
Merchandise available for sale $960,000
Cost of Ending Merchandise Inventory
Merchandise available for sale $
Less cost of merchandise sold
Estimated ending merchandise inventory $
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) $1,450,000 Estimated gross profit rate 42% ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
How does the rate of a proportional tax change with income? A.) The rate increases as income increases. B.) The rate remains the same, even if income increases or decreases. C.) The rate decreases as income increases. D.
Answers (1)
Why is competition is an important part of a free-market system?
Answers (1)
A group of farmers join together to market their produce. What is this an example of? franchise consumer cooperative producer cooperative nonprofit organization
Answers (1)
In Rooney Company, direct labor is $20 per hour. The company expects to operate S at 10,000 direct labor hours each month. In January 2017, direct labor totaling $206,000 b is incurred in working 10,400 hours.
Answers (1)
Capital Asset Pricing Model) Johnson Manufacturing, Inc., is considering several investments. The rate on Treasury bills is currently 4 percent, and the expected return for the market is 10 percent.
Answers (1)
New Questions in Business
What, if anything, should you do to correct the following sentence? He has the ability to affect the outcome, but he's not likely to take that chance. A. Nothing. The sentence is correct as it stands. B. Change affect to effect. C.
Answers (2)
Tom has a life insurance policy with a $1.8 million benefit. If this money was put into an account with a 4.5% interest rate, how much income can his beneficiaries expect in case Freddy dies
Answers (1)
The exchange of information among dns servers regarding configured zones is known as:
Answers (1)
Deep Water Marina has 12,000 shares of stock outstanding that were sold to the general public last year.
Answers (1)
What is the standard deviation of 800 and 56
Answers (1)