The following data pertain to Stratus Company for the year ended December 31, 2019: $\begin{array}{lr}
\text { Beginning inventory balance } & \$ 245,500 \
\text { Purchases of inventory on credit during year }& 570,000 \
\text { Sales (40\% on credit) during year } & 780,000 \
\text { Cost of goods sold during year } & 550,000
\end{array}$ Required:
1. Calculate the value of ending inventory on December 31, 2019.
2. Determine the gross margin

Question

The following data pertain to Stratus Company for the year ended December 31, 2019: $\begin{array}{lr}
\text { Beginning inventory balance } & \$ 245,500 \
\text { Purchases of inventory on credit during year }& 570,000 \
\text { Sales (40\% on credit) during year } & 780,000 \
\text { Cost of goods sold during year } & 550,000
\end{array}$  Required:
1. Calculate the value of ending inventory on December 31, 2019.
2. Determine the gross margin

Quizplus · Accepted Answer

The Answer of The following data pertain to Stratus Company for the year ended December 31, 2019: $\begin{array}{lr}
\text { Beginning inventory balance } & \$ 245,500 \
\text { Purchases of inventory on credit during year }& 570,000 \
\text { Sales (40\% on credit) during year } & 780,000 \
\text { Cost of goods sold during year } & 550,000
\end{array}$  Required:
1. Calculate the value of ending inventory on December 31, 2019.
2. Determine the gross margin

The Following Data Pertain to Stratus Company for the Year