The following data are for Steve's Candy Store for January: Beginning inventory$181,000 Net sales revenue$610,000Net purchases$530,000 Normal gross profit rate40% What is the company's estimated ending inventory for the month? A.$244,000 B.$366,000 C.$345,000 D.$467,000

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What is the company's estimated ending inventory for the month

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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Question

The following data are for Steve's Candy Store for January:

Beginning inventory	$181,000		Net sales revenue	$610,000
Net purchases	$530,000		Normal gross profit rate	40%

What is the company's estimated ending inventory for the month?

$244,000

$366,000

$345,000

$467,000

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