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ankoles [38]
3 years ago
5

Gross Profit Method

Business
1 answer:
AveGali [126]3 years ago
5 0

Answer:

The answer is $119,000

Explanation:

cost of merchandise sold = Sales - Gross profit.

To find gross profit:

Gross profit rate x sales

0.42 x $1,450,000

= $609,000.

Now to calculate Cost of Sales:

Cost of Sales = Sales - gross profit

$1,450,000 - $609,000

$841,000

Now to calculate Estimated ending merchandise inventory:

Beginning merchandise inventory + purchases - cost of sales

=$100,000 + $860,000 - $841,000

=$119,000

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A wealthy benefactor just donated some money to the local college. This gift was established to provide scholarships for worthy
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