The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales discounts $50,000 Gross profit 30% of sales Calculate Ending Inventory
The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales discounts $50,000 Gross profit 30% of sales Calculate Ending Inventory
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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Topic Video
Question
The following information is available:
Cost of goods sold | $1,000,000 |
Sales | $500,000 |
Sales discounts | $50,000 |
Gross profit | 30% of sales |
Calculate Ending Inventory
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