For the year, your company's sales are $305,000, the grossprofit is $250,000, and the ending inventory is $75,000. If netpurchases are $100,000, the beginning inventory must havebeen:a. $30,000b. $55,000c. $85,000d. $120,000

To calculate the beginning inventory, we use the formula for cost of goods sold (COGS) and the…

Answered: For the year, your company's sales are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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Question: For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is purchases are $100,000, inventory must have been $75,000. If net the beginning
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Use the following information: Net sales $ 205,000 Cost of goods sold 144,000 Beginning inventory 46,000 Ending inventory 36,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)

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For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000