On January 1, 2017, Manuel Company's merchandise inventory was $300,000. During 2017, Manuel purchased $1,900,000 of merchandise
Question:
On January 1, 2017, Manuel Company's merchandise inventory was $300,000. During 2017, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these sales was 20% of the selling price.
Required:
What is Manuel's merchandise inventory at December 31, 2017?
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Step by Step Answer:
To find merchandise inventory we first need to find cost of goods sold This figure can be com...View the full answer
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Related Book For 
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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