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

question 60

Multiple Choice

At the beginning of the year, Meng Company had an inventory of ¥400,000.During the year, the company purchased goods costing ¥1,600,000.If Meng Company reported ending inventory of ¥600,000 and sales of ¥2,000,000, the company's cost of goods sold and gross profit rate must be

• A)¥1,000,000 and 50%.
• B)¥1,400,000 and 30%.
• C)¥1,000,000 and 30%.
• D)¥1,400,000 and 70%.

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