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On 12/31/14 Montana Co. prepared the following partial income statement: Gross sales=$800,400 / sales discount=$400 / Net sales=$800,000 / Beginning inventory=$300,000 / Net purchases=$300,000. If
On 12/31/14 Montana Co. prepared the following partial income statement: Gross sales=$800,400 / sales discount=$400 / Net sales=$800,000 / Beginning inventory=$300,000 / Net purchases=$300,000. If Montana Co's gross margin is 30% of net sales, what is the correct ending inventory balance? (a)$40,000 (b)$240,000 (c)$360,000 (d)$600,000
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