Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN: 9781337115773
Author: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher: Cengage Learning
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Transcribed Image Text:Lux Corporation is preparing its financial
statements. Gross margin is normally 35% of
sales. Information taken from the company's
records revealed:
. Sales of $120,000
. Beginning inventory of $15,000
. Purchases of $85,000
The estimated amount of ending inventory would
be
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