Based on the Following Data, Determine the Approximate Valuation of Ending

question 105

Essay

Based on the following data, determine the approximate valuation of ending inventory in each case given below: $\begin{array} { | l | l | l | } \hline \text { Cost of goods available for sale } & \$ 400 & \\\hline \text { Net sales } & & 600 \\\hline\end{array}$
Case A-Gross margin rate on sales = 40 percent:
Inventory valuation is $________________________ Case B-Gross margin rate on cost = 100 percent:
Inventory valuation is $________________________

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Definitions:

Reaction

The process through which one or more substances are changed into one or more different substances through the rearrangement, removal, replacement, or addition of atoms.

Major Organic Product

The primary chemical compound formed in the highest yield during an organic reaction.

Reaction

A process in which one or more substances are changed into one or more different substances through the breaking and forming of chemical bonds.

Major Organic Product

The foremost compound produced in a chemical reaction, characterized by being the most abundant.