Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during august, the first month of the fiscal year,

During August, the first month of the fiscal year, sales totaled $875,000 and the cost...

50.1K

Verified Solution

Question

Accounting

During August, the first month of the fiscal year, sales totaled $875,000 and the cost of merchandise available for sale totaled $850,000.

Estimate the cost of the inventory as of August 31, based on an estimated gross profit rate of 45%.

$_________

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

RAK, Inc., has no debt outstanding and a total market value of $250,000. Earnings before interest...

Biology
1.2K views

A bacterium that causes very similar symptoms sometimes contains Tn6687. Describe the steps that would happen to...

Biology
1.2K views

What is the Era that begins with the first signs of life is filled with...

Biology
1.2K views

One of the basic principles of genetics is that the alleles for a given trait...

Physics
1.2K views

24 A uniform string is clamped at its two ends Its mass per length is...

Basic Math
1.2K views

19 Simplify the following expression 0 A B C D 26 9 11 144 75...

Basic Math
1.2K views

An angle whose measure is 180 is called a n An angle whose measure is...

Calculus
1.2K views

Give the domain and range for the function shown below Use 10 9 8 7...

Calculus
1.2K views

te S x y z dS where S is the part of the cone 2...

Calculus
1.2K views

1 Classify each of the following equations as to order and degree a 3dy 4xy...

Algebra
1.2K views

Determine if the function f x x 3 x 2 is one to one If...

Accounting
1.2K views

Sheridan Mediral man fartres hnsnital heds and nther inctittinnal frnitre The company's comparative balance sheet...