Beginning inventory is $28,000.Purchases for the year are $110,000.Sales revenues are $180,000.The company's normal gross profit percent is 60%.How much is Estimated ending inventory?

Name: Beginning inventory is $28,000.Purchases for the year are $110,000.Sales revenues are $180,000.The company's normal gross profit percent is 60%.How much is Estimated ending inventory?
Brand: Quizplus
Rating: 4.7 (51 reviews)

Question

Quizplus · Accepted Answer

D) Calculations: $28,000 + $110,000 - 40% × $180,000 = $66,000

Beginning Inventory Is $28,000