Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. big box store has operated with a 30\% average gro

Big Box Store has operated with a 30\% average gross profit ratio for a number...

60.1K

Verified Solution

Question

Accounting

image Big Box Store has operated with a 30\% average gross profit ratio for a number of years. It had $116,000 in net sales during the second quarter of this year. If it began the quarter with $19,600 of inventory at cost and purchased $73,600 of inventory during the quarter, its estimated ending inventory by the gross profit method is: Multiple Choice $34,800. $31,800. $12,000. $19,600. $24,360. Big Box Store has operated with a 30\% average gross profit ratio for a number of years. It had $116,000 in net sales during the second quarter of this year. If it began the quarter with $19,600 of inventory at cost and purchased $73,600 of inventory during the quarter, its estimated ending inventory by the gross profit method is: Multiple Choice $34,800. $31,800. $12,000. $19,600. $24,360

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students