Big Box Store Has Operated with a 30% Average Gross

question 79

Multiple Choice

Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $100,000 in sales during the second quarter of this year. If it began the quarter with $18,000 of inventory at cost and purchased $72,000 of inventory during the quarter, its estimated ending inventory by the gross profit method is:

• A) $30,000.
• B) $20,000.
• C) $21,000.
• D) $18,000.
• E) $27,000.

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