Presented below is information related to Flounder Corporation for the current year. ...
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Accounting
Presented below is information related to Flounder Corporation for the current year.
| Beginning inventory | $ 600,400 | |||
| Purchases | 1,490,900 | |||
| Total goods available for sale | $2,091,300 | |||
| Sales revenue | 2,465,000 |
Compute the ending inventory, assuming that (a) gross profit is 42% of sales, (b) gross profit is 60% of cost, (c) gross profit is 32% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987.)
| Ending Inventory | ||||
| (a) | Gross profit is 42% of sales | $ | ||
| (b) | Gross profit is 60% of cost | $ | ||
| (c) | Gross profit is 32% of sales | $ | ||
| (d) | Gross profit is 25% of cost | $ |
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