Question
QUESTION 45 King Companys last physical inventory was taken on January 2, 2019, at which time the inventory totaled $230,000. Net sales from January 1
QUESTION 45
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King Companys last physical inventory was taken on January 2, 2019, at which time the inventory totaled $230,000. Net sales from January 1 to November 19 were $600,000 and net purchases during that time were $450,000. King has consistently reported a 30% gross profit.
What is estimated ending inventory on November 19, 2019?
A. $150,000.
B. $220,000.
C. $201,000.
D. $260,000.
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Insights Into The Effectiveness Of Internal Audit
Authors: Rainer Lenz
1st Edition
3659852414, 978-3659852411
