Shipley Tank Company had the following beginning inventory, net purchases, net sales, and gross profi t percentage

Question:

Shipley Tank Company had the following beginning inventory, net purchases, net sales, and gross profi t percentage for the fi rst quarter of 20X6:

By the gross profi t method, the ending inventory should be

a. $80,000.

c. $81,000.

b. $78,000.

d. $79,000.

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