Multiple Choice
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
Correct Answer:
Verified
Correct Answer:
Verified
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