For 20X1, Merlin, Inc. reported beginning inventory of $22, purchases of inventory totaling $169 and cost of goods sold of $90. For 20X2, Merlin had purchases of inventory totaling $98, ending inventory of $10, and revenue of $300. What amount did Merlin, Inc. report for gross profit on its 20X2 income statement? Please enter your answer as a whole number without a dollar sign (e.g., 100)

Answer rating: 100% (QA)

To calculate the gross profit for 20X2 we need to subtract the cost of g... View the full answer