At the Beginning of the Year, Meng Company Had an Inventory

question 63

Multiple Choice

At the beginning of the year, Meng Company had an inventory of ¥500,000. During the year, the company purchased goods costing ¥2,000,000. If Meng Company reported ending inventory of ¥750,000 and sales of ¥2,500,000, the company's cost of goods sold and gross profit rate must be

• A) ¥1,250,000 and 50%.
• B) ¥1,750,000 and 30%.
• C) ¥1,250,000 and 30%.
• D) ¥1,750,000 and 70%.

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