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On January 31, a company needed to estimate its ending inventory to prepare its monthly financial statements. The following information is currently available: Inventory as
On January 31, a company needed to estimate its ending inventory to prepare its monthly financial statements. The following information is currently available:
Inventory as of January 1: $120,500 Net sales for January: $400,000 Net purchases for January: $270,500
This company typically achieves a gross profit ratio of 15%. Ending Inventory under the gross profit method would be:
A. 51000 B.9000 C.102425 D.10425 E.51425
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