Cengage Q Questions to @ Course Sched. Y using the toll Q Chapter 6 Fla © Select

Question

Cengage Q Questions to @ Course Sched. Y using the toll Q Chapter 6 Fla © Select A Com Q Accounting Cl News | Dashb + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMan.do?invoker: a erchandise inventory. CHAPTER 7 - INVENTORIES Study Progress Previous Page 18 of 18 Submit Quiz Using the following cost data, estimate the cost of ending merchandise inventory Sales Estimated gross profit rate Beginning merchandise inventory Purchases $350,000 65% $50,000 $125,000 O a. $125,000 O b. $175,000 O c. $52,500 O d. $50,000 Save and Exit Submit Assignment for Grading e Learnin 1:29 PM Type here to search 97 11/15/2017 10

Explanation / Answer

Estimated gross profit (65% on sales) 227500 Add: Beginning inventory 50000 Add :Purchase 125000 Less: Sales 350000 Estimated cost of ending inventory 52500 thus option c is correct

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