On March 1, KB Shop had $450,000 of inventory at cost. In the first quarter of the year, it purchased $1,590,000 of merchandise, returned $23,100, and paid freight charges of $37,600 on purchased merchandise, terms FOB shipping point. The company’s gross profit averages 30%, and the store had $2,000,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.