Multiple Choice
Bulk Wholesalers took in $377,800 in sales during July. They started the month with inventory worth $173,800 and spent $299,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July.
A) $90,672
B) $383,028
C) $473,700
D) $299,900
Correct Answer:
Verified
Correct Answer:
Verified
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