Lux Corporation is preparing its financial statements. Gross margin is normally 35% of sales. Information taken from the company's records revealed: . Sales of $120,000 . Beginning inventory of $15,000 . Purchases of $85,000 The estimated amount of ending inventory would be

Lux Corporation is preparing its financial statements. Gross margin is normally 35% of sales. Information taken from the company's records revealed: . Sales of $120,000 . Beginning inventory of $15,000 . Purchases of $85,000 The estimated amount of ending inventory would be

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 15BEA: Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000....

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Question

The estimated amount of ending inventory would be

Lux Corporation is preparing its financial
statements. Gross margin is normally 35% of
sales. Information taken from the company's
records revealed:
. Sales of $120,000
. Beginning inventory of $15,000
. Purchases of $85,000
The estimated amount of ending inventory would
be

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Right Answer
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