Video Company had sales during July 20X3 of $30,000.During the month,the company had purchases of $10,000.At July 1,20X3,the company had inventory of $10,000.Assuming the company has a gross profit percentage of 40%,what is the estimated ending inventory for Video Company at July 31,20X3?
A)$ 2,000
B)$ 16,000
C)$ 18,000
D)$ 20,000
E)none of the above

Question

Quizplus · Accepted Answer

The Answer of Video Company had sales during July 20X3 of $30,000.During the month,the company had purchases of $10,000.At July 1,20X3,the company had inventory of $10,000.Assuming the company has a gross profit percentage of 40%,what is the estimated ending inventory for Video Company at July 31,20X3?
A)$ 2,000
B)$ 16,000
C)$ 18,000
D)$ 20,000
E)none of the above

Video Company Had Sales During July 20X3 of $30,000