Stevens Company Started the Year with an Inventory Cost of $145,000

question 57

Multiple Choice

Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. Estimated gross profit is 35%. The estimated ending inventory as of January 31 is

• A) $58,000
• B) $91,000
• C) $107,000
• D) $69,300

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