Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Business Accounts

Authors: John Harrison, Ron Dawber

1st Edition

9780273019954

More Books

Students also viewed these Accounting questions

Question

What is the formula for computing a Pearson residual?

Answered: 1 week ago

Question

Customers have to repeat information they have already provided.

Answered: 1 week ago