ABCorp shows the following sales-related figures for its fiscal/calendar year 2020: Gross Revenues $1800 Credit Sales (Payable
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Question:
ABCorp shows the following sales-related figures for its fiscal/calendar year 2020:
| Gross Revenues | $1800 |
| Credit Sales (Payable in 2021) | 400 |
| Costs of Items Sold (All units cost the same amount) | 900 |
| Returns (all returns cleaned at a cost of $100, and restocked for sale in 2021) | 200 |
| Defective Units Returned & Destroyed; New Items Sent to Customers at no Charge (at Cost) | 100 |
| Inventory January 1, 2020 | 1600 |
| Inventory Acquired During 2020 | 600 |
| Inventory Acquired on Account, Payable in 2021 | 200 |
| Spoliage During 2020 | 400 |
Assuming no other information is available or relevant, what is the DOLLAR VALUE of ABCorp'sl:
1. Inventory on December 31, 2020?
2. Gross Margin for FY 2020?
Expert Answer:
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