FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company's beginning inventory is $160,000, its net purchases are $260,000, and its net sales total $450,000. Its normal gross profit percentage is 35% of

image text in transcribed
A company's beginning inventory is $160,000, its net purchases are $260,000, and its net sales total $450,000. Its normal gross profit percentage is 35% of sales. Using the gross profit method, how much is ending inventory? OA. $190,000 OB. $157,500 C. $192,500 D. $127,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Techniques For Forensic Accounting Understanding The Theory And Application Of Data Analysis

Statistical Techniques For Forensic Accounting Understanding The Theory And Application Of Data Analysis

Authors: Saurav K. Dutta

1st Edition

0133133818, 9780133133813

More Books

Students also viewed these Accounting questions

Question

★★★★★
A project has four activities (A, B, C, and D) that must be performed sequentially. The probability distributions for the time required to complete each of the activities are as follows: a. Provide...

Answered: 1 week ago

Question

★★★★★
Fargo Sales Company is very busy at the end of its accounting year on June 30. There is an order for 130 units of product in the warehouse. Although the shipping department tries, it cannot ship the...

Answered: 1 week ago

Question

★★★★★
What a re va lues? (p. 5 2)

Answered: 1 week ago

Question

★★★★★
The North Point plant of Englehart Electronics Company has the following standards for component C93: RequiredDetermine the following variances for May:(a) Total direct material cost variance(b)...

Answered: 1 week ago

Question

★★★★★
Adam has just graduated, and has a good job at a decent starting salary. He hopes to purchase his first new car. The car that Adam is considering costs $39,000. The dealer has given him three payment...

Answered: 1 week ago

Question

★★★★★
i l ule2 began operations as a private investigator on January 1, 2 017. The trial balance columns of the workshe MARTINEZ, P.I.,INC. Worksheet For the Quarter Ended March 31, 2017 Trial Balance...

Answered: 1 week ago

Question

★★★★★
a random sample of 780 births in new york state included 385 boys and that sample is to be used for a test of the common belief of male births in the population is equal to 0.512. in testing the...

Answered: 1 week ago

Question

★★★★★
BEMC received several improper payments innocently. It was not their intention to trick the payer into these payments. In this situation, it is the most innocent of reasons for improper payments...

Answered: 1 week ago

Question

★★★★★
6-2 Building Industry-Recognized Skills Submission: Power BI Series A PivotTable is used for

Answered: 1 week ago

Question

★★★★★
At the beginning of your project, you solicit bids from vendors to select the one that is best for the project. Which procurement document should you prepare to fulfill this task? 1 point Request for...

Answered: 1 week ago

Question

★★★★★
Differentiate the Simons, R. (2000) typology of capital investment types, clearly providing relevant examples and cases to enhance your discussion.

Answered: 1 week ago

Question

★★★★★
In what ways might your organisation or department benefit from wider dissemination of your research? Are there other companies within your wider organisation, or within the supply chain or network,...

Answered: 1 week ago

Question

★★★★★
If you agreed that your research participants would receive a summary of your overall work, what will this look like? To what extent is it useful to share your specific recommendations?

Answered: 1 week ago

Question

★★★★★
How often do you systematically and routinely gather high-quality data about the issues your organisation faces? To what extent do you critically assess the quality of these data?

Answered: 1 week ago

Previous Question Next Question