For last month, Mingi Corp's cost of goods sold and ending inventory were $200,000 and $300,000 respectively. Assuming Mingi had neither purchases nor returns during the month, what was the cost of its beginning inventory? $100,000 $300,000 $500,000 O Cannot be determined from the information given. Rounded to the nearest whole percent, a markup of 35% on cost is equivalent to what percentage of gross profit on selling price? O 26% 29% 40% O 60% Portland Ltd. estimates the cost of its physical inventory at March 31 for use in its interim financial statements. The rate of markup on cost is 25%. The following account balances are available: Inventory, March 1 Purchases Purchase returns Sales during March $200,000 168,000 7,000 350,000 What is the estimated dollar value of the inventory at March 31? O $18,000 O $175,000 O $81,000 $368,000 During the year, Popsicle Inc., which uses the allowance method, made an entry to write off a $4,000 uncollectible account. Before this entry was posted, the balance in accounts receivable was $80,000 and the balance in the allowance account was $7,000. The net realizable value of accounts receivable after the write off entry was $76,000. O $73,000. $77,000. $80,000