Reference no: EM132748102
Question: Current Attempt in Progress
Presented below is information related to Ivanhoe Corporation for the current year.
Beginning inventory $606,900
Purchases 1,503,500
Total goods available for sale $2,110,400
Sales revenue 2,585,000
Compute the ending inventory, assuming that
(a) gross profit is 46% of sales,
(b) gross profit is 60% of cost,
(c) gross profit is 36% of sales, and
(d) gross profit is 25% of cost.
(Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987.)
Ending Inventory
(a) Gross profit is 46% of sales$
(b) Gross profit is 60% of cost$
(c) Gross profit is 36% of sales$
(d) Gross profit is 25% of cost$
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