Author Question: If the estimated rate of gross profit is 30, what is the estimated cost of the merchandise inventory ... (Read 141 times)

Beheh · **on:** Jul 5, 2018

If the estimated rate of gross profit is 30, what is the estimated cost of the merchandise inventory on September30, based on the following data? Sep. 1 Merchandise inventory (at cost) 125,000 Sep. 1-30 Purchases, net (at cost) 300,000 Sep. 1-30 Sales, net 150,000 a.320,000b.192,500c.275,000d.105,000

Question 2

Sure Enuf, Inc. paid 4,800 on May 1, 2012 for 12 months' insurance coverage starting May 1. How much prepaid insurance should appear on the company's balance sheet at December 31, 2012?

A) 4,800
B) 1,600
C) 1,000
D) 3,200