Summit Distributors had the following amounts related to its business: Beginning Inventory $22,400 Purchases Net Sales Gross Profit $78,600 $112,000 $31,500 The amount of the ending inventory is: a. $29,700 b. $20,500 c. $38,200 d. $24,800

Summit Distributors had the following amounts related to its business: Beginning Inventory $22,400 Purchases Net Sales Gross Profit $78,600 $112,000 $31,500 The amount of the ending inventory is: a. $29,700 b. $20,500 c. $38,200 d. $24,800

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 46E

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Please provide the accurate answer to this general accounting problem using appropriate methods.

Summit Distributors had the following amounts related to its business:
Beginning Inventory $22,400
Purchases
Net Sales
Gross Profit
$78,600
$112,000
$31,500
The amount of the ending inventory is:
a. $29,700 b. $20,500 c. $38,200 d. $24,800

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Ending inventory?
The Amount of the ending inventory is?