The following information is available for Silver Company for the three months ended March 31, 2019: Merchandise
Question:
The following information is available for Silver Company for the three months ended March 31, 2019:
Merchandise inventory, January 1, 2019 .........................$ 900,000
Purchases ............................................................................3,400,000
Freight-in ................................................................................200,000
Sales .....................................................................................4,800,000
The gross margin recorded was 25% of sales. What should be the merchandise inventory at March 31, 2019?
a. $700,000
c. $1,125,000
b. $900,000
d. $1,200,000
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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