Presented below is information related to BLANK Corporation for the current year.
Beginning inventory $ 611,300
Purchases 1,493,300
Total goods available for sale $2,104,600
Sales revenue 2,505,000
Compute the ending inventory, assuming that (a) gross profit is 48% of sales, (b) gross profit is 60% of cost, (c) gross profit is 38% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987.)
Ending Inventory
(a) Gross profit is 48% of sales $
b) Gross profit is 60% of cost $
(c) Gross profit is 38% of sales $
(d) Gross profit is 25% of cost $
Calculate ending inventory
Ending inventory = Goods available for sale-Cost of goods sold
Ending inventory | |
(a) Gross profit is 48% of sales | (2104600-2505000*52%) = 802000 |
b) Gross profit is 60% of cost | (2104600-1565625) = 538975 |
(c) Gross profit is 38% of sales | (2104600-2505000*62%) = 551500 |
(d) Gross profit is 25% of cost | (2104600-2004000) = 100600 |
Presented below is information related to BLANK Corporation for the current year. Beginning inventory $ 611,300...
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