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  3. based on the data above, the inventory account sho

Based on the data above, the inventory account showed a balance of $------ on December...

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Accounting

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Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: *

$250,000

$170,000

$1,530,000

None of the above

Based on the data above, net sales were: *

$1,100,000

$1,030,000

$1,180,000

None of the above

Based on the data above, gross profit was: *

$460,000

$390,000

$540,000

None of the above

Based on the data above, selling expenses were: *

$100,000

$70,000

$140,000

None of the above

Based on the data above, and assuming that total operating expenses were $184,000, the Income from Operations was: *

$206,000

$276,000

$356,000

None of the above

The following accounts are extracted from the worksheet of X Company on December 31, 2020 sales returns and allowances Utilities expense - office sales discount sales salaries expenses - sales Purchases discount Salaries expense - office rent revenue purchases returns and allowances purchases Interest expense Inventory, January 1, 2020 gain from sale of building freight out freight in depreciation expense - sales Depreciation expense - office cost of goods sold $100,000 50,000 80,000 1,280,000 60,000 100,000 25,000 15,000 50,000 700,000 10,000 300,000 9,000 30,000 40,000 10,000 9,000 640,000

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