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Questions 3-5 are with reference to the following information: ABCorp shows the following sales related figures for its fiscal/calendar year 2020: Gross Revenues $1800 Credit
Questions 3-5 are with reference to the following information: ABCorp shows the following sales related figures for its fiscal/calendar year 2020: Gross Revenues $1800 Credit Sales (Payable in 2021) 400 Costs of Items Sold (All units cost the same amount) 900 Returns (all returns cleaned at a cost of $100, and restocked for sale in 2021) 200 Defective Units Returned & Destroyed; New Items Sent to Customers at no Charge (at Cost) 100 Inventory January 1, 2020 1600 Inventory Acquired During 2020 600 Inventory Acquired on Account, Payable in 2021 200 Spoliage During 2020 400 Assuming no other information is available or relevant, what is the DOLLAR VALUE of ABCorp'sl: 3. Inventory on December 31, 2020? 4. Gross Margin for FY 2020? 5. Net Cash Flows from Operations for FY 2020
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