1 Iron Inc.’s net sales and gross profit were $335,250 and $117,750 respectively. Assuming the cost of goods available for sale were $271,000, what was the cost value of the ending inventory? Select one: a. $61,750 b. $117,750 c. $53,500 d. $217,500 .

1 Iron Inc.’s net sales and gross profit were $335,250 and $117,750 respectively. Assuming the cost of goods available for sale were $271,000, what was the cost value of the ending inventory? Select one: a. $61,750 b. $117,750 c. $53,500 d. $217,500 .

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 7DQ: Using the following data, how should the inventory be valued under lower of cost or market? Original...

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Question

Iron Inc.’s net sales and gross profit were $335,250 and $117,750 respectively. Assuming the cost of goods available for sale were $271,000, what was the cost value of the ending inventory?

Select one:

a. $61,750

b. $117,750

c. $53,500

d. $217,500

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