Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase discounts 4000 freight in 12,000 sales 454,000 sales return 2,000 how much is the ending inventory if the gross profit rate is 25%

Information on loud co's inventory is as follows: inventory, beg. 80,000 purchases 340,000 purhase discounts 4000 freight in 12,000 sales 454,000 sales return 2,000 how much is the ending inventory if the gross profit rate is 25%

Name: Information on loud co's inventory is as follows:inventory, beg.80,00
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Description: Information on loud co's inventory is as follows:inventory, beg.80,000purchases340,000purhase discounts 4000freight in12,000sales454,000sales return2,000how much is the ending inventory if the gross profit rate is 25%

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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Ace Company reported the following information for the current year: Sales Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ 417,000 $ 142,500 280,000 422,500 151,000 271,500 $ 145,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $27,000. Given this information, the correct gross profit would be: Multiple Choice $118,500. $145,500. $172,500. $131.500
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