A retail store has beginning inventory of $30,000, purchases of $220,000, sales of $200,000, and a normal gross margin of 25 percent. What is estimated inventory based on these facts and the gross profit method? (Round the answer to the nearest dollar.)
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Answer:D. $280,000.
Retail Beginning inventory $15,000 $23,000 Purchases 49,000 78,000 Freight-in 2,500 Purchase returns 1,700 2,600 Net markups 2,000 Net markdowns 4,100 Net sales 70,600 Employee discounts 700 To the nearest thousand, the estimated ending inventory at cost is (round cost-to-retail ratio to whole percentage): A. $16,000. B. $15,000. C. $13,000. D$280,000.
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