Question

Wake Ltd.s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $

Please show all steps so I can fully understand how to solve. Thank you

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Answer #1

Sales = 995,636

Gross profit = 40%

= 995,636 x 40%

= $398,254

Cost of goods sold = Sales - Gross profit

= 995,636-398,254

= $597,382

Cost of goods available for sales = Beginning inventory + Purchase

= 208,592+856,053

= 1,064,645

Cost of ending inventory = Cost of goods available for sales - Cost of goods sold

= 1,064,645-597,382

= $467,263

Correct option is a.

Kindly comment if you need further assistance.

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