Question
On January 1, 2017, the merchandise inventory of Blossom, Inc. was $950000. During 2017 Blossom purchased $1913000 of merchandise and recorded sales of $2700000. The
On January 1, 2017, the merchandise inventory of Blossom, Inc. was $950000. During 2017 Blossom purchased $1913000 of merchandise and recorded sales of $2700000. The gross profit rate on these sales was 20%. What is the merchandise inventory of Blossom at December 31, 2017?
a)$703000.
b)$787000.
c)$540000.
d)$2160000.
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Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th edition
1259726916, 978-1259726910
