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

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...
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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
Transcribed Image Text: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
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