The cost of its physical inventory, Accounting Basics

The cost of its physical inventory

A company estimates the cost of its physical inventory at Nov. 30 for use in an interim financial statement. Managemnt uses a gross profit rate on sales of 30%. The following information is available:
Inventory Nov 1 $500.000

Pruchase During November $650,000

Sales during November $900,000

What is the estimated cost of inventory at November 30?

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Accounting Basics: The cost of its physical inventory

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Accounting Basics: The cost of its physical inventory

Reference No:- TGS0555249

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Explain the replacement cost

Q : Quincy to receive some cash from the liquidation

Q : Absorption costing and direct costing

Q : Determining the cost of the consulting engagement

Q : The cost of its physical inventory

Q : Calculate the labor rate and efficiency variances

Q : How the interest on the bonds is payable annually

Q : Prepare an income statement using the absorption approach

Q : Total plantwide direct labor hours

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: The cost of its physical inventory

Reference No:- TGS0555249

Recent Questions Asked Accounting Basics

Q : Explain the replacement cost

Q : Quincy to receive some cash from the liquidation

Q : Absorption costing and direct costing

Q : Determining the cost of the consulting engagement

Q : The cost of its physical inventory

Q : Calculate the labor rate and efficiency variances

Q : How the interest on the bonds is payable annually

Q : Prepare an income statement using the absorption approach

Q : Total plantwide direct labor hours

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