On January 1, 20X1, Manuel Companys merchandise inventory was $300,000. During 20X1, Manuel purchased $1,900,000 of merchandise
Question:
On January 1, 20X1, Manuel Company’s merchandise inventory was $300,000. During 20X1, 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, 20X1?
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Step by Step Answer:
To find merchandise inventory we first need to find cost of goods sold This figure can be co...View the full answer
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Related Book For 
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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