On January 1, JKR Shop had $580,000 of inventory at cost. In
the first quarter of the year, it purchased $1,720,000 of merchandise, returned
$24,400, and paid freight charges of $38,900 on purchased merchandise, terms
FOB shipping point. The company's gross profit averages 35%, and the store had
$2,130,000 of net sales (at retail) in the first quarter of the year.
Required:
Use the gross profit method to estimate its cost of
inventory at the end of the first quarter.
Contact Us Below To Get Tutoring
Tags: colleges-online, online accredited bible colleges, 100 online colleges, military friendly online colleges, online colleges for electrician, can you get financial aid for online colleges, accredited online colleges in arkansas, christian colleges online masters programs, best online colleges for business management, online colleges in st louis mo
