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Presented below is information related to Flounder Corporation for the current year. Beginning inventory $ 600,400 Purchases 1,490,900 Total goods available for sale $2,091,300 Sales
Presented below is information related to Flounder Corporation for the current year.
Beginning inventory | $ 600,400 | |||
Purchases | 1,490,900 | |||
Total goods available for sale | $2,091,300 | |||
Sales revenue | 2,465,000 |
Compute the ending inventory, assuming that (a) gross profit is 42% of sales, (b) gross profit is 60% of cost, (c) gross profit is 32% 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 42% of sales | $ | ||
(b) | Gross profit is 60% of cost | $ | ||
(c) | Gross profit is 32% of sales | $ | ||
(d) | Gross profit is 25% of cost | $ |
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