Essay
Dianna Co.prepares monthly income statements.Inventory is counted only at year end;thus,month-end inventories must be estimated.All sales are made on account.The rate of mark-up on cost is 20%.The following information relates to the month of September.
Required:
Calculate the estimated cost of the inventory on September 30.
Correct Answer:
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GP % = 20% /(1 +20%)...View Answer
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