Author Question: Quality-Value, Inc maintains a gross margin of 75 on all of its merchandise. In September the ... (Read 49 times)

lindiwe · **on:** Jun 24, 2018

Quality-Value, Inc maintains a gross margin of 75 on all of its merchandise. In September the company had a beginning inventory of 604,900, net purchases of 186,900, and net sales of 487,600. Use the gross profit method to estimate the cost of ending inventory as of September 30.
A) 200,561
B) 418,300
C) 691,800
D) 669,900

Question 2

Last year, 41 of the sales of the local coffee shop were during breakfast hours. If those breakfast hour sales were 28,500, what were the total sales of the coffee shop for the year? For the problem above, the unknown element is the Base. The formula for finding the Base is Base = Portion X Rate
Indicate whether the statement is true or false