Question: If the amount of goods available for sale is 123 000
If the amount of goods available for sale is $123,000, the amount of sales is $130,000, and the gross margin is 25 percent of sales, what is the amount of ending inventory?
Relevant QuestionsAssume that inventory is overstated by $1,500 at the end of 2013 but is corrected in 2014. What effect will this have on the 2013 income statement? The 2013 balance sheet? The 2014 income statement? The 2014 balance sheet? The following information pertains to the inventory of the Windjammer Company:During the year, Windjammer sold 3,500 units of inventory at $50 per unit and incurred $21,000 of operating expenses. Windjammer currently uses ...Kate Mullin owned a small company that sold boating equipment. The equipment was expensive, and a perpetual system was maintained for control purposes. Even so, lost, damaged, and stolen merchandise normally amounted to 5 ...A hurricane destroyed the inventory of Franklin Feed Store on September 21 of the current year. Although some of the accounting information was destroyed, the following information was discovered for the period of January 1 ...The Gold Company had cash sales of $350,000 for 2013, its first year of operation. On April 2, the company purchased 200 units of inventory at $375 per unit. On September 1, an additional 150 units were purchased for $400 ...
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