Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $107,000 in sales during the second quarter of this year. If it began the quarter with $18,700 of inventory at cost and purchased $72,700 of inventory during the quarter, its estimated ending inventory by the gross profit method is:
A. $32,100.
B. $29,100.
C. $22,470.
D. $16,500.
E. $18,700.
Answer: D
You might also like to view...
List and briefly discuss the fours steps in developing new customer solutions with the help of a product's lead users
What will be an ideal response?
To remain competitive, businesses should not change procedures and policies in response to the economy, customer needs, and new opportunities that arise
Indicate whether the statement is true or false.
Radio advertising is usually the most expensive medium available to a company.
Answer the following statement true (T) or false (F)
The manager of a branch bank wants to build a simulation model of the lobby operation to reduce the waiting time of her customers. The number of tellers is an example of:
A) a decision variable. B) an uncontrollable variable. C) a time-compressed variable. D) a dependent variable.