Question
Strand Corp lost its inventory in a fire, and they have asked you to calculate the value of Ending Inventory based on the following info:
Strand Corp lost its inventory in a fire, and they have asked you to calculate the value of Ending Inventory based on the following info:
Beg Inv $260,000, Sales $1,050,000, Purchases $395,000, Sales returns $50,000, Purchase returns $35,000. Average Gross Profit margin 55%
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
