Question: For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is purchases are $100,000, inventory must have been $75,000. If net the beginning
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- Question: For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is purchases are $100,000, inventory must have been $75,000. If net the beginningThe beginning inventory must have been__.For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000
- NONEProvide solution for this questionWhat is the inventory turnover ratio for Fair Isle Inc. for 2020 if the inventory at the beginning of the year was $210,500 and at the end of the year was $195,500 and during the year the company had net sales of $1,243,750 which had a corresponding cost of sales of $995,000? a.) 2.5b.) 4.9c.) 5.0d.) 6.1
- If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?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. $330,000The following information came from the income statement of the Grouper Company at December 31, 2025: sales revenue $2860000; beginning inventory $176000; ending inventory $264000; and gross profit $660000. What is Grouper' inventory turnover for 2025? O 3.00 times O 3.75 times O 10.00 times O 2.50 times
- 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. $228,0001. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000solve please