On January 1, 2014, the merchandise inventory of Morton Corp.was $600,000.During 2014, Morton purchased $1,150,000 of merchandise and recorded sales of $1,350,000.The gross profit rate on these sales was 35%.What is the estimated dollar value of the inventory at December 31?
A)$877,500
B)$872,500
C)$562,500
D)$472,500

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The Answer of On January 1, 2014, the merchandise inventory of Morton Corp.was $600,000.During 2014, Morton purchased $1,150,000 of merchandise and recorded sales of $1,350,000.The gross profit rate on these sales was 35%.What is the estimated dollar value of the inventory at December 31?
A)$877,500
B)$872,500
C)$562,500
D)$472,500

On January 1, 2014, the Merchandise Inventory of Morton Corp