A Company That Has Operated with a 30% Average Gross

question 124

Multiple Choice

A company that has operated with a 30% average gross profit ratio for a number of years had $100,000 in sales during the first 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 using the gross profit method is:

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

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Definitions:

Homo Sapiens

The species name for modern humans, characterized by bipedalism, high brain capacity, and complex social behaviors.

Neanderthals

Neanderthals were archaic humans who lived in Eurasia until about 40,000 years ago, known for their robust build and large cranial capacity.

African Continent

The world's second-largest and second-most populous continent, located south of Europe and bordered to the west by the Atlantic Ocean and to the east by the Indian Ocean.

Extinct Human Populations

Groups of humans who have no living descendants, often identified through archaeological and genetic evidence.