Calculate using the gross profit method for the following:
Gross profit on sales: 47%
Beginning inventory on July 1: $49,009
Net purchase: $18,252
Net sales at retail for July: $14,400

Name: Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400
Brand: Quizplus
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Question

Quizplus · Accepted Answer

$49,009 + $18,252 = $67,261; $14,400 × (1 - .47)= $7,632; $67,261 - $7,632 = $59,629.

Calculate Using the Gross Profit Method for the Following