FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Lucent Technology maintains a gross margin of 40% on all of its merchandise. In April the company had a beginning inventory of $518,700, net purchases of $314,400, and net sales of $754,400. Use the gross profit method to estimate the cost of ending inventory as of March 31.
$229,580$301,760 $305,020$380,460
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