Strand Corp lost its inventory in a fire and they have asked you to calculate the value of Ending Inventory based on the following info: Beg Inv $260,000, Sales $1,050,000, Purchases $395,000, Sales returns $50,000, Purchase returns $35,000. Average Gross Profit margin 55%

Strand Corp lost its inventory in a fire and they have asked you to calculate the value of Ending Inventory based on the following info: Beg Inv $260,000, Sales $1,050,000, Purchases $395,000, Sales returns $50,000, Purchase returns $35,000. Average Gross Profit margin 55%

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

Strand Corp lost its inventory in a fire and they have
asked you to calculate the value of Ending Inventory
based on the following info:
Beg Inv $260,000, Sales $1,050,000, Purchases
$395,000, Sales returns $50,000, Purchase returns
$35,000. Average Gross Profit margin 55%

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