Estimated gross profit rate


During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Estimated gross profit rate
Reference No:- TGS072480

Expected delivery within 24 Hours