A Firm Had a Beginning Inventory Balance of $1,000, Net

question 50

Multiple Choice

A firm had a beginning inventory balance of $1,000, net purchases of $35,000, and sales of $40,000. Its gross margin percentage was 25 percent. Using the gross margin method, the ending inventory balance is

• A) $1,000
• B) $7,000
• C) $6,000
• D) $10,000

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Definitions:

Patron

An individual or organization that provides support, financial or otherwise, to artists, causes, or institutions.

Jarena Lee

An African American woman who is recognized as the first female preacher in the African Methodist Episcopal Church, breaking barriers in the early 19th century.

Black Proponents

Individuals who actively support or advocate for the advancement, rights, or causes of Black communities and individuals.

Colonization

The process by which one nation establishes political control over another territory, often involving the settlement of its citizens and exploitation of resources.