Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory...
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Accounting
Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was $600,000. Purchases was 1,500,000. Sales revenue was 2,500,000. Required: Fill in the blanks to compute the ending inventory, assuming that gross profit is 45% of sales.
| Beginning inventory (at cost) |
| ________ |
| Purchases (at cost) |
| ________ |
| Total goods available for sale (at cost) |
| ________ |
| Sales (at selling price) | ________ |
|
| Less: Gross profit (45% of sales) | ________ |
|
| Sales (at cost) |
| ________ |
| Ending inventory (at cost) |
| ________ |
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