Big Box Store Has Operated with a 30% Average Gross

question 23

Multiple Choice

Big Box Store has operated with a 30% average gross profit ratio for a number of years.It had $100,000 in sales during the second quarter of this year.If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter,its estimated ending inventory by the gross profit method is:

• A)$30,000.
• B)$21,000.
• C)$20,000.
• D)$18,000.
• E)$27,000.

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