Use the Following Information to Estimate the Third Quarter Ending

question 39

Multiple Choice

Use the following information to estimate the third quarter ending inventory under the gross profit method. This company's gross profit ratio is 20%. Third quarter beginning inventory: $54,000
Net sales for third quarter: $85,000
Net purchases for third quarter: $21,000

• A)$101,000
• B)$58,000
• C)$35,000
• D)$7,000
• E)$14,000

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Definitions:

Organizational Culture

encompasses the values, beliefs, and behaviors that contribute to the unique social and psychological environment of an organization.

Social Differentiation

The process by which societies or groups within them are separated into different categories or classes based on various factors like wealth, occupation, and social status.

Common Values

refer to shared beliefs or standards within a group or organization that influence behavior and decision-making processes.

Personal Sacrifices

Acts of giving up one's own interests, comfort, or possessions for the sake of others or for a larger purpose.