Quality-Value, Inc. maintains a gross margin of 75% on all of its merchandise. In September the company had a beginning inventory of $604,900, net purchases of $186,900, and net sales of $487,600. Use the gross profit method to estimate the cost of ending inventory as of September 30.
A. $200,561
B. $418,300
C. $691,800
D. $669,900
Answer: D
You might also like to view...
Use this information to answer the following question. Gross payroll $16,000 Federal income taxes withheld $1,800 Social security and Medicare rate 7.65% Federal unemployment tax rate .8% State unemployment tax rate 5.4% Payroll Taxes and Benefits Expense would be recorded for
a. $1,224. b. $2,216. c. $4,016. d. $992.
Which of the following describes the benefits of MIS governance?
A. Ensures companies stay on track to achieve their strategies and goals. B. Places structure around how organizations align IT strategy with business strategy. C. Implements good ways to measure IT's performance. D. All of these.
The product cost concept includes all manufacturing costs plus selling and administrative expenses in the cost amount to which the markup is added to determine product price
Indicate whether the statement is true or false
Communicators in ________ -context cultures, such as those in Japan, China, and Middle Eastern countries, pay attention to more than the words spoken. They emphasize interpersonal relationships, nonverbal expression, physical setting, and social setting
Fill in the blank(s) with correct word