Lorna Company Has the Following Data Available The Estimated Cost of the Ending Inventory Using the Gross

question 131

Multiple Choice

Lorna Company has the following data available: $$\begin{array} { | l | r | } \hline \text { Beginning inventory } & \$ 170,000 \\\hline \text { Net purchases } & \$ 500,000 \\\hline \text { Net sales } & \$ 900,000 \\\hline \text { Gross profit percentage } & 60 \% \\\hline\end{array}$$
The estimated cost of the ending inventory using the gross profit method is ________.

• A) $310,000
• B) $540,000
• C) $360,000
• D) $670,000

---

Definitions:

Philippe Pinel

A French physician recognized for his pioneering work in the treatment of the mentally ill, emphasizing humane approaches over confinement and brutality.

Brutal Treatments

Harsh or inhumane methods of dealing with a problem, often used in a historical context regarding medical or psychological treatments.

Sigmund Freud

Originating from Austria, this neurologist launched psychoanalysis, a therapeutic technique that addresses mental illnesses through discussions between a psychoanalyst and their patient.

Biopsychosocial Approach

An integrated perspective that considers biological, psychological, and social factors and their complex interactions in understanding health, illness, and health care delivery.