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The Following Data Pertain to Stratus Company for the Year

question 134

Essay

The following data pertain to Stratus Company for the year ended December 31, 2019:  Beginning inventory balance $245,500 Purchases of inventory on credit during year 570,000 Sales (40% on credit) during year 780,000 Cost of goods sold during year 550,000\begin{array}{lr}\text { Beginning inventory balance } & \$ 245,500 \\\text { Purchases of inventory on credit during year }& 570,000 \\\text { Sales (40\% on credit) during year } & 780,000 \\\text { Cost of goods sold during year } & 550,000\end{array} Required:
1. Calculate the value of ending inventory on December 31, 2019.
2. Determine the gross margin

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