Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $25,000; beginning inventory of $2,500 and purchases of $17,500. What is the estimated amount of ending inventory at the end of the period?
A. $5,000
B. $15,000
C. $10,000
D. $8,000
Answer: A
You might also like to view...
Which of the following is a way to become a world citizen?
A. Dress comfortably and casually, so you are ready for any activity. B. To gain an early upper hand, be very vocal and assertive. C. Be and think globally. D. Speak English at all times since it is the world's language. E. Learn rituals of respect.
Which of the following is true about revised U.S. patent laws?
A) Patents are valid for 17 years after the patent is granted. B) Patents are valid for 17 years after the patent is filed. C) Patents are valid for 20 years after the patent is granted. D) Patents are valid for 20 years after the filing date of the application. E) Patents are valid as long as the product is manufactured.
When may audit procedures be performed? I - on the balance sheet date. II - prior to the balance sheet date. III - subsequent to the balance sheet date
a. I only. b. I and III only. c. II only. d. I, II, and III.
Bethenny has set a goal for Luann to complete a complex project within 2 weeks. Luann feels nervous about her ability to achieve the goal within the allotted time frame, so she works harder in order to reduce her feelings of discomfort and to successfully complete the assignment on time. Luann is using which element of social cognitive theory to help her accomplish her goal?
A. reciprocal behavior B. self-regulation C. vicarious learning D. self-efficacy