University of Mississippi ACCY ACCY 303 On January 1, 2011, the inventory of Glad, Inc. was $1,000,000. During 2011 Glad purchased $2,000,000 of inventory and recorded sales of $500,000.
Glad purchased $2,000,000 of inventory and recorded sales of $500,000. The
markup on cost is 11.11%. The gross profit rate on these sales was 10%. Based
upon the gross profit method, what is the estimated inventory of Glad at
December 31, 2011?
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