Malone's Products
August 1 − August 31 $$\begin{array} { l l l }
& \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, August 1 } & \$ 135,000 & \$ 180,000 \
\text { Purchases } & \$ 300,000 & \$ 400,000\
\text { Net Sales}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 450,000\
\end{array}$$ Using the retail method, Malone found the estimated value of his ending inventory at cost on August 31 was $97,500. What was the amount of his gross profit?

Question

Malone's Products
August 1 − August 31 $$\begin{array} { l l l } 
& \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, August 1 } & \$ 135,000 & \$ 180,000 \
\text { Purchases } & \$ 300,000 & \$ 400,000\
\text { Net Sales}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 450,000\
\end{array}$$ Using the retail method, Malone found the estimated value of his ending inventory at cost on August 31 was $97,500. What was the amount of his gross profit?

Quizplus · Accepted Answer

The Answer of Malone's Products
August 1 − August 31 $$\begin{array} { l l l } 
& \text { Cost } & \text { Retail } \
\hline \text { Beginning Inventory, August 1 } & \$ 135,000 & \$ 180,000 \
\text { Purchases } & \$ 300,000 & \$ 400,000\
\text { Net Sales}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$ 450,000\
\end{array}$$ Using the retail method, Malone found the estimated value of his ending inventory at cost on August 31 was $97,500. What was the amount of his gross profit?

Malone's Products August 1 − August 31 Using the Retail Method, Malone Found the Estimated Value of l

Malone's Products
August 1 − August 31 Using the Retail Method, Malone Found the Estimated Value of l