Question: Gross Profit Method Presented below is information related to Jerrold Corporation for the current year. Compute the ending inventory , assuming that (a) Gross profit

Gross Profit Method Presented below is information related to Jerrold Corporation for the current year. Compute the ending inventory, assuming that

(a) Gross profit is 40% of sales;

(b) Gross profit is 60% of cost;

(c) Gross profit is 35% of sales; and

(d) Gross profit is 25% ofcost.

Beginning inventory Purchases Total goods available for sale 1,500,000 $2,100,000 Sales 2,300,000

Beginning inventory Purchases Total goods available for sale 1,500,000 $2,100,000 Sales 2,300,000

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