Presented below is information related to Cullumber Corporation for the current year. Beginning inventory Purchases Total goods available for sale Sales revenue $589,800 1,503,500 $2,093,300 2.410,000 Compute the ending inventory, assuming that (a) gross profit is 43% of sales, (b) gross profit is 60% of cost. (c) gross profit is 33% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987)
Presented below is information related to Cullumber Corporation for the current year. Beginning inventory Purchases Total goods available for sale Sales revenue $589,800 1,503,500 $2,093,300 2.410,000 Compute the ending inventory, assuming that (a) gross profit is 43% of sales, (b) gross profit is 60% of cost. (c) gross profit is 33% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is information related to Cullumber Corporation for the current year.
Beginning inventory
Purchases
Total goods available for sale
Sales revenue
$589,800
1,503,500
Compute the ending inventory, assuming that (a) gross profit is 43% of sales, (b) gross profit is 60% of cost. (c) gross profit is 33% of
sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final -
answers to 0 decimal places, e.g. 28,987.)
Gross profit is 43% of sales
Gross profit is 60% of cost
Gross profit is 33% of sales
Gross profitis 25% of cost
$
$
$
$2,093,300
2,410,000
$
Ending Inventory
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