The beginning inventory of finished goods must have been The Lyons Company's cost of goodsmanufactured was $130,000 when its saleswere $360,000 and its gross margin was$220,000. If the ending inventory offinished goods was $35,000, the beginninginventory of finished goods must havebeen

Explanation of Gross Margin:Gross Margin represents the difference between sales revenue and the…

Answered: The Lyons Company's cost of goods…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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The Lyons Company's cost of goods manufactured was $130,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $35,000, the beginning inventory of finished goods must have been