Problem 4. On January 1, 2022, the merchandise inventory of Ryan, Inc. was 800,000. During 2022, Ryan purchased 1,600,000 of merchandise and recorded sales of 2,000,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Ryan at December 31, 2022?

Problem 4. On January 1, 2022, the merchandise inventory of Ryan, Inc. was 800,000. During 2022, Ryan purchased 1,600,000 of merchandise and recorded sales of 2,000,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Ryan at December 31, 2022?

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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Question

Problem 4. On January 1, 2022, the
merchandise inventory of Ryan, Inc.
was 800,000. During 2022, Ryan
purchased 1,600,000 of merchandise
and recorded sales of 2,000,000. The
gross profit rate on these sales was
25%. What is the merchandise
inventory of Ryan at December 31,
2022?
*

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