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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 30
Estimating ending inventory by the gross profit method
R K Landscaping and Nursery began November with inventory of $46,800. During November, R K made net purchases of $33,900 and had net sales of $61,800. For the past several years, R K's gross profit has been 45% of sales.
Requirement
1. Use the gross profit method to estimate the cost of the ending inventory for November.
R K Landscaping and Nursery began November with inventory of $46,800. During November, R K made net purchases of $33,900 and had net sales of $61,800. For the past several years, R K's gross profit has been 45% of sales.
Requirement
1. Use the gross profit method to estimate the cost of the ending inventory for November.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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