Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $55,000; beginning inventory of $5500 and purchases of $38,500. What is the estimated amount of ending inventory at the end of the period?
A. $33,000
B. $22,000
C. $17,600
D. $11,000
Answer: D
Business
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