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:

Positives and Negatives

Referring to the favorable and unfavorable aspects of a situation or decision.

Hormones

Chemical substances produced in the body that regulate and control the activity of certain cells or organs.

Chemical Signals

Chemical signals are molecules released by organisms to communicate with each other, playing crucial roles in processes such as attraction, repulsion, social hierarchy, and defense.

Receptors

Specialized cells or groups of cells that detect changes in the environment and convey information to the nervous system.