(1)

Wedge Company had a $24,000 beginning inventory and a $27,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $8,000; and freight in, $9,000. Cost of goods sold for the period is $78,000. What is Wedge's gross profit percentage (rounded to the nearest percentage)? A. 15% B. 51% C. 49% D. 17%. (2)

Use the following data of Stingray Sales, Inc.:

		Unit	Total	Units
	Units	Cost	Cost	Sold
Beginning inventory	10	$7	$70
Purchase on Apr 25	43	8	344
Purchase on Nov 16	11	9	99
Sales	40	?	?

Stingray Sales' LIFO cost of ending inventory would be

A.

$192.

B.

$182.

C.

$360.

D.

$203.