Use the following for questions 39 & 40 The company had $50,000 in beginning inventory...
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Accounting
Use the following for questions 39 & 40
The company had $50,000 in beginning inventory and during the year they purchased $750,000 worth of inventory. Their Gross profit was $500,000 and they had Sales of $1,275,000 and Net sales of $1,270,000.
39. What was the companys ending inventory? $_________
40. What was the companys gross profit ratio (round to 2 decimal places) __ __.__ __%
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