Question
Presented below is information related to BLANK Corporation for the current year. Beginning inventory $ 611,300 Purchases 1,493,300 Total goods available for sale $2,104,600 Sales
Presented below is information related to BLANK Corporation for the current year.
Beginning inventory $ 611,300
Purchases 1,493,300
Total goods available for sale $2,104,600
Sales revenue 2,505,000
Compute the ending inventory, assuming that (a) gross profit is 48% of sales, (b) gross profit is 60% of cost, (c) gross profit is 38% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987.)
Ending Inventory
(a) Gross profit is 48% of sales $
b) Gross profit is 60% of cost $
(c) Gross profit is 38% of sales $
(d) Gross profit is 25% of cost $
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