Parr Building Supply began 20X9 with inventory of $240,000 Parrs 20X9 sales were $1,200,000, purchases of inventory totaled $1,035,000, and ending inventory was $275,000 1 Prepare a statement of gross profit for 20X9 2 What was Parr Building Supplys inventory turnover ...

1 PARR BUILDING SUPPLY Statement of Gross Profit For the Year Ended December 31 2 ...

Parr Building Supply began 20X9 with inventory of $240,000. Parrs 20X9 sales were $1,200,000, purchases of inventory

Question:

Parr Building Supply began 20X9 with inventory of $240,000. Parr’s 20X9 sales were $1,200,000, purchases of inventory totaled $1,035,000, and was $275,000.
1. Prepare a statement of gross profit for 20X9.
2. What was Parr Building Supply’s inventory turnover?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...