Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 8

In July 2015, the accountant for Bradford Imports is in the process of preparing financial statements for the quarter ended June 30, 2015.he physical inventory, however, was last taken on June 5, and the accountant must establish the approximate cost at June 30 from the following data:

The gross profit on sales has consistently averaged 40 percent of sales.sing the gross profit method, compute the approximate inventory cost at June 30, 2015.
a.420,000.
b.880,000.
c.480,000.
d.1,360,000.