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Estimate the cost value of the inventory as of July

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Question - In July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $317,900 and sales amounted to $611,400. Gross margin on sales was 65%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $).

Reference no: EM133051838

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