Wendling Company's net sales and gross profit were $1,341,000 and $471,000 respectively.Assuming the cost of goods available were $1,084,00, what was the cost of Wendling's ending inventory?

Question

Quizplus · Accepted Answer

Cost of goods available = Beginning inventory + Net purchases - Ending inventory$1,084,000 = Beginning inventory + $1,341,000 - $471,000Beginning inventory = $1,084,000 - $1,341,000 + $471,000Beginning inventory = $214,000

Wendling Company's Net Sales and Gross Profit Were $1,341,000 and $471,000