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What the estimated cost of e preslay company inventory

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Reference no: EM132689911

Problem 1: E. Preslay Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amounted to $200,000; the beginning inventory on June 1 was $60,000; and the cost of goods purchased during June amounted to $90,000. The estimated cost of E. Preslay Company's inventory on June 30 is

A) $70,000.

B) $140,000.

C) $30,000.

D) $24,000.

Reference no: EM132689911

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