MAGIC CARPETS BEGAN THE YEAR WITH INVENTORY OF $1,400,000. iNVENTORY PURCHASES FOR THE YEAR TOTALLED...
70.2K
Verified Solution
Link Copied!
Question
Accounting
MAGIC CARPETS BEGAN THE YEAR WITH INVENTORY OF $1,400,000. iNVENTORY PURCHASES FOR THE YEAR TOTALLED $3,200,000. SALES REVENUE FOR THE YEAR WAS $7,000,000 AND THE GROSS MARGIN WAS 45 PERCENT. HOW MUCH IS MAGIC CARPETS ESTIMATED COST OF ENDING INVENTORY? USE THE GROSS MARGIN METHOD.
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: Flex AI - Your personal assistant for all your inquiries!
