Beginning Inventory Is $28,000

question 63

Multiple Choice

Beginning inventory is $28,000.Purchases for the year are $110,000.Sales revenues are $180,000.The company's normal gross profit percent is 60%.How much is Estimated ending inventory?

• A) $72,000
• B) $246,000
• C) $30,000
• D) $66,000

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Definitions:

Lemon Trees

Perennial plants known for producing lemons, characterized by their citrus fruit and aromatic leaves.

Post Hoc

A logical fallacy that implies a cause and effect relationship simply because one event follows another in time.

Fallacy

A misleading or unsound argument or reasoning pattern that is incorrect logically but appears to be correct.

Causally Related

Refers to entities or events that have a cause-and-effect correlation with one another.