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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
The following information is available for Silver Company for the three months ended March 31, 2019:
The gross margin recorded was 25% of sales. What should be the merchandise inventory at March 31, 2019?
- a. $700,000
- b. $1,125,000
- c. $900,000
- d. $1,200,000
Calculate the cost of merchandise inventory at March 31, 2019 by using the gross profit method.
Gross Profit Method: Under this method, the beginning inventory is added to the net purchases during the period which results in the goods available for sale. Then, the estimated cost of goods sold is deducted from the goods available for sale to estimate the ending inventory.
Calculate the cost of merchandise inventory at March 31, 2019 by using the gross profit method:
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