**Question 21**Blue Company has the following data for the year:- **Beginning Inventory:** $240,000- **Net Income:** $80,000- **Net Sales Revenue:** $350,000- **Sales Discounts:** $5,000- **Normal Gross Profit Ratio:** 32%- **Cash Balance:** $15,000- **Gross Purchases:** $120,000- **Purchase Returns:** $8,000**Question:**What is the estimated ending inventory? (Round your final answer to the nearest dollar.)- $114,000- $117,400- $122,000- $112,000- None of the above

Name: **Question 21**Blue Company has the following data for the year:- **B
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Description: **Question 21**Blue Company has the following data for the year:- **Beginning Inventory:** $240,000- **Net Income:** $80,000- **Net Sales Revenue:** $350,000- **Sales Discounts:** $5,000- **Normal Gross Profit Ratio:** 32%- **Cash Balance:** $15,000

The ending inventory can be calculated by deducting the cost of goods sold from the cost of goods…

Business

Accounting

Blue Company has the following data for the year Beginning Inventory Net Sales Revenue Gross Purchases Normal Gross Profit Ratio 32% $114,000 O$117.400 O$122.000 $240,000 O$112.000 $350,000 O None of the above $120,000 Net Income Sales Discounts Cash Balance Purchase Returns What is the estimated ending inventory? (Round your final answer to the nearest dollar $80,000 $5.000 $15.000 $8,000

Blue Company has the following data for the year Beginning Inventory Net Sales Revenue Gross Purchases Normal Gross Profit Ratio 32% $114,000 O$117.400 O$122.000 $240,000 O$112.000 $350,000 O None of the above $120,000 Net Income Sales Discounts Cash Balance Purchase Returns What is the estimated ending inventory? (Round your final answer to the nearest dollar $80,000 $5.000 $15.000 $8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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