Managerial Accounting: The Cornerstone of Business Decision-Making
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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Given answer general Accounting

On January 1, 2016, Company X had an inventory balance of
$200,000. During the year, Company X had net purchases of
$1,000,000 and net sales of $900,000. Historically, Company X's
gross profit ratio has been 40%. Using the gross profit method, what
is Company X's estimated ending inventory balance?
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Transcribed Image Text:On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X's gross profit ratio has been 40%. Using the gross profit method, what is Company X's estimated ending inventory balance?
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