Somers Company has sales of ($ 150,000) and cost of goods available for sale of ($ 135,000).

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Somers Company has sales of $\$ 150,000$ and cost of goods available for sale of $\$ 135,000$. If the gross profit rate is $30 \%$, the estimated cost of the ending inventory under the gross profit method is:

a. $\$ 15,000$.

b. $\$ 30,000$.

c. $\$ 45,000$.

d. $\$ 75,000$.

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Financial Accounting

ISBN: 9780471169208

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jun 13, 2024 02:09 AM

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Somers Company has sales of ($ 150,000) and cost of goods available for sale of ($ 135,000).

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Financial Accounting

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