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The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 30% Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: O A S75,000 B. $67,500 OC. $472,500 D. $47,250

The following information is given about ZEE Company: Beginning inventory S 120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 30% Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: O A S75,000 B. $67,500 OC. $472,500 D. $47,250

FINANCIAL ACCOUNTING
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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The following information is given about ZEE Company : Beginning inventory $ 120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 30% Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: A. $75,000 B. $67,500 C. S472,500 D. $47,250
Transcribed Image Text:The following information is given about ZEE Company : Beginning inventory $ 120,000 Purchases 450,000 Purchase discount 30,000 Sales 750,000 Sales return 75,000 30% Gross profit percentage of sales Using the gross profit method, the estimated ending inventory is: A. $75,000 B. $67,500 C. S472,500 D. $47,250
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