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Current Attempt in Progress Bob's Brass Beds Inc. has an inventory of bed frames at the beginning of June, which cost $10,000. Bob sets the selling price to customers at a 50% mark-up on cost. Calculate the value of Bob's inventory at the end of June, assuming sales revenue of $24,000 was recorded in June, and purchases of inventory were $18,000 for the month. O $4,000 O $12,000 O $20,000 O $16,000

Current Attempt in Progress Bob's Brass Beds Inc. has an inventory of bed frames at the beginning of June, which cost $10,000. Bob sets the selling price to customers at a 50% mark-up on cost. Calculate the value of Bob's inventory at the end of June, assuming sales revenue of $24,000 was recorded in June, and purchases of inventory were $18,000 for the month. O $4,000 O $12,000 O $20,000 O $16,000

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Bob's Brass Beds Inc. has an inventory of bed frames at the beginning of June, which cost $10,000. Bob sets the selling price to customers at a 50% mark-up on cost. Calculate the value of Bob's inventory at the end of June, assuming sales revenue of $24,000 was recorded in June, and purchases of inventory were $18,000 for the month. O $4,000 O $12,000 O $20,000 O $16,000
Transcribed Image Text:Current Attempt in Progress Bob's Brass Beds Inc. has an inventory of bed frames at the beginning of June, which cost $10,000. Bob sets the selling price to customers at a 50% mark-up on cost. Calculate the value of Bob's inventory at the end of June, assuming sales revenue of $24,000 was recorded in June, and purchases of inventory were $18,000 for the month. O $4,000 O $12,000 O $20,000 O $16,000
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