The After Five Boutique took in $825,200 in sales during May. They started the month with inventory worth $524,000 and spent $225,500 on new purchases during the month. Gross margin on sales was 30%. Using the gross profit method, estimate the cost value of the inventory at the end of June.
A) $295,100
B) $345,625
C) $171,860
D) $454,250
Correct Answer:
Verified
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