15. Beginning inventory is $120,000, purchases are $270,000, and sales total $460,000. The normal gross profit is

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15. Beginning inventory is $120,000, purchases are $270,000, and sales total $460,000. The normal gross profit is 40%. Using the gross profit method, how much is ending inventory?

a. $206,000

d. $88,000

b. $132,000

e. None of the above

c. $114,000

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Financial Accounting International Financial Reporting Standards Global Edition

ISBN: 9781292211145

11th Edition

Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison

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Question Posted: Jul 25, 2024 12:00 PM

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15. Beginning inventory is $120,000, purchases are $270,000, and sales total $460,000. The normal gross profit is

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Financial Accounting International Financial Reporting Standards Global Edition

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