If the Estimated Rate of Gross Profit Is 30%, What

question 81

Multiple Choice

If the estimated rate of gross profit is 30%, what is the estimated cost of the merchandise inventory on September 30, based on the following data? $\begin{array}{lll}\text { Sep. } 1 & \text { Merchandise inventory } & \$ 125,000 \\\text { Sep. } 1-30 & \text { Purchases(net) } & 300,000 \\\text { Sep. } 1-30 & \text { Sales (net) } & 150,000\end{array}$

• A) $320,000
• B) $192,500
• C) $275,000
• D) $105,000

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