The following information is given about Arab Inc., sales were $500,000 and sales discounts were $50,000. The gross profit rate was 30% of sales. If the cost of goods available for sale for the company is $1,000,000, what is the amount of ending inventory2 OA $700,000 O B. $685,000 OC. None of the above answers O D. $315,000

The following information is given about Arab Inc., sales were $500,000 and sales discounts were $50,000. The gross profit rate was 30% of sales. If the cost of goods available for sale for the company is $1,000,000, what is the amount of ending inventory2 OA $700,000 O B. $685,000 OC. None of the above answers O D. $315,000

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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