Beginning inventory is $110,000, purchases are $260,000 and sales total $470,000. The normal gross profi t is

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Beginning inventory is $110,000, purchases are $260,000 and sales total $470,000.

The normal gross profi t is 40%. Using the gross profi t method, how much is ending inventory?

a. $210,000

d. $88,000

b. $132,000

e. None of the above

c. $188,000

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Financial Accounting International Financial Reporting Standards

ISBN: 9780273777809

1st Global Edition

Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy

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Question Posted: Jul 26, 2024 04:02 AM

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Beginning inventory is $110,000, purchases are $260,000 and sales total $470,000. The normal gross profi t is

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Financial Accounting International Financial Reporting Standards

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