(Answered) Question - energy solutions corporation estimates the cost

Accounting

Question - Energy Solutions Corporation estimates the cost of its physical inventory at November 30 for use in an interim financial statement. Management uses a gross profit rate on sales of 40%. The following information is available:

Inventory, November 1 - $500,000

Purchases during November - $650,000

Sales during November - $900,000

Compute the estimated cost of inventory at November 30?

$360,000

$540,000

$610,000

$650,000

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