The following information is available for the Roosevelt Company for the three months ended June 30 of this year: Inventory, April 1 of this year $ 12,00,000 Purchases 45,00,000 Freight-in Sales 3,00,000 64,00,000 The gross margin was 25 percent of sales. What is the estimated inventory balance at June 30? a. $933,000 b. $1,500,000 c. $1,200,000 d. $880,000

The following information is available for the Roosevelt Company for the three months ended June 30 of this year: Inventory, April 1 of this year $ 12,00,000 Purchases 45,00,000 Freight-in Sales 3,00,000 64,00,000 The gross margin was 25 percent of sales. What is the estimated inventory balance at June 30? a. $933,000 b. $1,500,000 c. $1,200,000 d. $880,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
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