Landis Company Is Preparing Its Financial Statements

question 47

Multiple Choice

Landis Company is preparing its financial statements.Gross margin is normally 40% of sales.Information taken from the company's records revealed sales of $25,000;beginning inventory of $2,500 and purchases of $17,500.What is the estimated amount of ending inventory at the end of the period?

• A)$15,000
• B)$5,000
• C)$8,000
• D)$10,000

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