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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Definitions:

Total Quality Management (TQM)

A management approach focused on embedding awareness of quality in all organizational processes, aiming for long-term success through customer satisfaction.

Organizational Effectiveness

A measure of how efficient and successful an organization is in achieving its goals and fulfilling its mission.

Employees Training

Programs and activities designed to improve the knowledge and skills of employees, enhancing their performance and productivity.

Health and Safety Training

Educational programs focused on teaching individuals how to maintain a safe and healthy work environment.