A Retail Store Has Beginning Inventory of $30,000,purchases of $220,000,sales

question 77

Multiple Choice

A retail store has beginning inventory of $30,000,purchases of $220,000,sales of $200,000,and a normal gross margin of 25 percent.What is estimated inventory based on these facts and the gross profit method?

• A)$50,000
• B)$150,000
• C)$100,000
• D)$200,000

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Definitions:

Hybrid Mutual Funds

Investment funds that combine stocks and bonds to provide a mix of growth, income, and risk management.

Total Assets

The sum of all assets owned by an entity, including cash, investments, property, and other tangible and intangible assets, reflecting the company's overall value.

Equity Trusts

Investment funds that pool money from investors to purchase a diversified portfolio of equities, or stocks, managed by a professional fund manager.

Mortgage Trusts

Investment vehicles that pool mortgage loans and issue shares to investors, who receive dividends from the interest and principal payments made by borrowers.