Question
Corporation K reports the following for its first quarter ended March 31, 2022. Inventory, January 1, 2022 $750,000 Purchases 3,100,000 Freight-in 300,000 Sales 4,600,000 The
Corporation K reports the following for its first quarter ended March 31, 2022.
| Inventory, January 1, 2022 | $750,000 | |
| Purchases | 3,100,000 | |
| Freight-in | 300,000 | |
| Sales | 4,600,000 |
The gross margin recorded was 20% of sales. What should be the inventory at March 31, 2022?
A. $1,025,000
- B. $470,000
- C. $1,100,000
- D. $900,000
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Information Technology Auditing And Assurance
Authors: James A. Hall, Tommie Singleton
2nd Edition
0324191987, 978-0324191981
