Multiple Choice
Won Inc has an historical gross profit percentage of 35%. Net purchases for six months were $1400 and sales were $2000. Inventory at the end of the previous period was $200. If Won Inc prepares an interim balance sheet the amount that can be estimated for closing inventory is:
A) $100.
B) $300.
C) $1000.
D) $400.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Millibrand Co uses a periodic inventory system
Q26: Under the FIFO method sales returns are
Q27: Which statement relating to the moving average
Q28: If inventory prices are rising the method
Q29: The ratio that indicates an entity's overall
Q31: How many of these are advantages of
Q32: Which of the following is a disadvantage
Q33: Inventory is normally classified in the balance
Q34: At 31 December 2014, the end of
Q35: Net realisable value in relation to inventory