Prior to Taking a Physical Inventory at Year-End, the Perpetual

question 33

Multiple Choice

Prior to taking a physical inventory at year-end, the perpetual inventory records of Athena Designs showed an inventory of $26,000, sales of $358,000, and a cost of goods sold of $215,000. The year-end physical inventory indicated merchandise on hand costing $24,000. The company's gross profit for the year was:

• A) $334,000.
• B) $145,000.
• C) $141,000.
• D) Some other amount.

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