Question
presented below is information related to ABC Inc. Inventory beginning 375,000$ Purchases 1,369,000 Purchases return 90,000 Purchases discount 27,000 Gross sales 2,110,000 Sales return 145,000
presented below is information related to ABC Inc.
Inventory beginning 375,000$
Purchases 1,369,000
Purchases return 90,000
Purchases discount 27,000
Gross sales 2,110,000
Sales return 145,000
Fright-in 63,000
Instructions:
Assuming the rate of gross profit to selling price is 30%, what is the approximate value of ending inventory at December 31, 2016? ..
How the answer is : Answer: 584,500?
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
