Gross profit method Based on the following data, estimate the cost of the ending merchandise inventory:   sales $9,250,000 estimated gross profit rate 36% Beginning merchandise inventory $   180,000 Purchases (net)   5,945,000 Merchandise available for sale $6,125,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Gross profit method

Based on the following data, estimate the cost of the ending merchandise inventory:

 

sales

$9,250,000

estimated gross profit rate

36%

Beginning merchandise inventory

$   180,000

Purchases (net)

  5,945,000

Merchandise available for sale

$6,125,000

 

 

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