correct answer please Lolita Company has the following information:Beginning InventoryNet PurchasesNet Sales$190,000$400,000$770,000Gross Profit Percentage 30%Lolita Company's estimated ending inventory is: (Round your final answer to the nearest dollar.)A. $539,000B. $590,000C. $51,000D. $359,000

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 46E

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Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
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The following information is available for November 2018, for Golden Company. Beginning inventory $ 80,000 Purchases 300,000 Purchase return 20,000 Sales 500,000 Sales discount 50,000 Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: 25% OA. $50,000 OB. $22,500 OC. $30,000 OD. $85,000
Lorna Company has the following data available: Beginning inventory $170,000 Net purchases $450,000 Net sales $830,000 Gross profit percentage 40% The estimated cost of the ending inventory using the gross profit method is ________. Group of answer choices $332,000 $498,000 $620,000 $122,000
A company’s beginning inventory is $150,000, its net purchases are $230,000, and its netsales total $440,000. Its normal gross profit percentage is 30% of sales. Using the grossprofit method, how much is ending inventory?a. $132,000b. $72,000c. $210,000d. $228,000
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If firm’s beginning inventory is $70,000, purchases are $320,000, and the cost of good sold is $300,000, what is its ending inventory?a. 260,00b. $30,000c. $90,000d. $330,000

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Lolita Company has the following information: Beginning Inventory Net Purchases Net Sales $190,000 $400,000 $770,000 Gross Profit Percentage 30% Lolita Company's estimated ending inventory is: (Round your final answer to the nearest dollar.) A. $539,000 B. $590,000 C. $51,000 D. $359,000