Question: On January 1 2014 Manuel Company s merchandise inventory was 300 000

On January 1, 2014, Manuel Company’s merchandise inventory was $300,000. During 2014, Manuel purchased $1,900,000 of merchandise and recorded sales of $2,000,000. The gross profit margin on these sales was 20% of the selling price.

Required:
What is Manuel’s merchandise inventory at December 31, 2014?


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  • CreatedSeptember 10, 2014
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