Materials l communication 1 Assessments, I My Tools, Chapter 16 Quiz Quiz tt: 05
ID: 3362687 • Letter: M
Question
Materials l communication 1 Assessments, I My Tools, Chapter 16 Quiz Quiz tt: 05404 Sala Coots: Anempt1 Quiz Page 1 of 10 Previous Page Next Page It recommended tet you save your resporse as you compiete each question Question 1 (10 points) Buis: Wholesalers took in $377,800 in sales during July. They started the month with inventory worth $173,800 and spent $299,900 on new parchases dring the moret. Gross margn on sales was 75% Using te goss proit metod, esanate the cost vae ofthe rverery athe end of July O $90,672 $383,028 $473,TO0 $299 900 Save Page 1 of 1o Pevius Page Next Page Save Al Go to Submt Quiz 8.
Explanation / Answer
Profit earned from sales= 0.76*377800=287128
Cost of goods sold= 377800-287128=90672
Cost value of inventory at the end of July= opening stock+purchase- cost of goods sold=173800+299900-90672=383028