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The following information is taken from the books of Nicki Incorporated: July Beginning inventory $20,161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81 c. $23,012.24 d. $78,965.82

The following information is taken from the books of Nicki Incorporated: July Beginning inventory $20,161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81 c. $23,012.24 d. $78,965.82

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 taken from the books of Nicki Incorporated: July Beginning inventory $20,161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81 c. $23,012.24 d. $78,965.82
Transcribed Image Text:The following information is taken from the books of Nicki Incorporated: July Beginning inventory $20,161.17 Sales Gross profit Ending inventory August $15,333.36 $115,869.88 $94,299.18 42.02% $15,333.36 42.02% $? If the purchases for August are the same as July, what is the ending inventory on August 31? a. $117,033.51 b. $52,823.81 c. $23,012.24 d. $78,965.82
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