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On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statementsThe following information is available Beginning inventoryJanuary 1 $5000 Net sale

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statementsThe following information is available Beginning inventoryJanuary 1 $5000 Net sale

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,000 Net sales: $50,000 Net purchases: $51,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

$6,000. $26,500. $5,000. $31,500. $42,500.

 
mahesh 24-Mar-2020

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