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The profit or loss statement of Elk Ltd includes the following items: $ Net sales 800,000 Freight-in 10,000 Purchases 520,000 Purchase returns and allowances 8,000
The profit or loss statement of Elk Ltd includes the following items: $ Net sales 800,000 Freight-in 10,000 Purchases 520,000 Purchase returns and allowances 8,000 Discount received 15,000 Beginning Inventory 100,000 Operating expenses 300,000 Gross profit 320,000 Closing inventory would be
a.
$132,000
b.
$150,000
c.
$127,000
d.
$142,000
e.
None of the above
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