The following information pertains to the Blackwell Corporation for the six months ended September 30 of the current year: Merchandise inventory, April 1 $850,000 Purchases $4,200,000 Freight-in $320,000 Net sales $5,400,000 Gross profit is normally 30% of sales. What is the estimated amount of inventory on hand at September 30? a. $250,000 b. $970,000 c. $1,590,000 d. $3,780,000

The following information pertains to the Blackwell Corporation for the six months ended September 30 of the current year: Merchandise inventory, April 1 $850,000 Purchases $4,200,000 Freight-in $320,000 Net sales $5,400,000 Gross profit is normally 30% of sales. What is the estimated amount of inventory on hand at September 30? a. $250,000 b. $970,000 c. $1,590,000 d. $3,780,000

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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