At December 31, 2010, Johnson, Inc.had inventory on hand amounting to $270, 000.The following items were not included in this inventory:
Johnson sells at a gross profit of 25% on cost.
Required:
Compute the cost of ending inventory to be reported on the December 31, 2010, balance sheet.

Question

At December 31, 2010, Johnson, Inc.had inventory on hand amounting to $270, 000.The following items were not included in this inventory:
  Johnson sells at a gross profit of 25% on cost.
Required:
Compute the cost of ending inventory to be reported on the December 31, 2010, balance sheet.

Quizplus · Accepted Answer

The Answer of At December 31, 2010, Johnson, Inc.had inventory on hand amounting to $270, 000.The following items were not included in this inventory:
  Johnson sells at a gross profit of 25% on cost.
Required:
Compute the cost of ending inventory to be reported on the December 31, 2010, balance sheet.