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? sep. 1 merchandise inventory $ 125,000 sep. 1-30 purchases (net) 300,000 sep. 1-30 sales (net) 150,000

$320,000

Explanation:

Given;

gross profit margin = 30%

Sep. 1 Merchandise inventory = $125,000

Sep. 1-30 Purchases (net) = $300,000

Sep. 1-30 Sales (net) = $150,000

Sep. 30 Merchandise inventory = ?

Gross profit margin = gross profit/sales

gross profit = 30% × 150,000

                   = $45,000

Cost of goods sold = Sales  -  gross profit

                                = $150,000 - $45,000

                                = $105,000

Opening inventory + purchases - cost of goods sold = Closing inventory

Closing inventory = $125,000 + $300,000 - $105,00

                              = $320,000

The estimated cost of the merchandise inventory on September 30 = $320,000

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