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$2,091,700 2,555,000

$2,091,700 2,555,000

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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Presented below is information related to Flint Corporation for the current year. Beginning inventory Purchases Total goods available for sale Sales revenue (a) Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost. (c) gross profit is 37% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, eg. 78.7% and final answers to O decimal places, e.g. 28,987) (b) (c) (d) Gross profit is 45% of sales Gross profit is 60% of cost $ 607,400 1.484.300 Gross profit is 37% of sales Gross profit is 25% of cost $ $ $2,091,700 2,555,000 50 Ending Inventory
Transcribed Image Text:Presented below is information related to Flint Corporation for the current year. Beginning inventory Purchases Total goods available for sale Sales revenue (a) Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost. (c) gross profit is 37% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, eg. 78.7% and final answers to O decimal places, e.g. 28,987) (b) (c) (d) Gross profit is 45% of sales Gross profit is 60% of cost $ 607,400 1.484.300 Gross profit is 37% of sales Gross profit is 25% of cost $ $ $2,091,700 2,555,000 50 Ending Inventory
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