Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during august, the first month of the fiscal year,

During August, the first month of the fiscal year, sales totaled $875,000 and the cost...

60.1K

Verified Solution

Question

Accounting

During August, the first month of the fiscal year, sales totaled $875,000 and the cost of merchandise available for sale totaled $850,000.

Estimate the cost of the inventory as of August 31, based on an estimated gross profit rate of 45%.

$_________

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Guardian intestinalis and Trichomonas vaginalis lack mitochondria. How is each transmitted, what does each cause,and how...

Biology
Q

Explain what illusory motion is and discuss the different forms of it

Physics
Q

government Rule of law Magna Carta Petition of Rights and English Bill of Rights

Biology
Q

The magnitude, M, of an earthquake is represented by the equation M = log whereE...

Basic Math
Q

1 If g x is the f x x after a vertical compression by a...

Algebra
Q

Evaluate the following expression 2 3 6 2 6 4 2 3 6 2 6...

Algebra
Q

share the steps, pls Sunland Manufacturing Ltd. has provided you with the following...

Accounting
Q

Managerial Accounting, Fifth Edition, James Jiambalvo, Chapter 14 Problem 14-13, Problem 14-14, and Problem 14-15...

Accounting
Q

Corner Cupcakes Co. is selling cupcakes for $8 for a box of four. Corner has...

Accounting
Q

Shrimp Hurricane Helper Company installs three tyes of hurricane shutters (standard, accordian, and roll top)...

Accounting
Q

Outdoor Sports Company makes snowboards, downhill skis, cross-country skis, skateboards, surfboards, and in-line skates. The...

Accounting
Q

Carner Lumber sells lumber and general building supplies to building contractors in a medium-sized town...

Accounting