If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data? Sep. 1 Inventory (at cost) $125,000 Sep. 1-30 Purchases, net (at cost) 300,000 Sep. 1-30 Sales 150,000 Oa. $105,000 Ob. $275,000 Oc. $320.000 Od. $192.500

If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data? Sep. 1 Inventory (at cost) $125,000 Sep. 1-30 Purchases, net (at cost) 300,000 Sep. 1-30 Sales 150,000 Oa. $105,000 Ob. $275,000 Oc. $320.000 Od. $192.500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If the estimated rate of gross profit is 30%, what is the estimated cost of the inventory on September 30, based on the following data?
Sep. 1
Inventory (at cost)
$125,000
Sep. 1-30
Purchases, net (at cost)
300,000
Sep. 1-30
Sales
150,000
Oa. $105,000
Ob. $275,000
Oc, $320.000
Od. $192,500

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