Multiple Choice
Francine Ltd.had beginning inventory of $10,000 and purchased $75,000 during 2011.The company had sales of $90,000 and has traditionally had a cost-to-sales ratio of 75%.Using the gross margin estimation method, the company estimates its ending inventory to be:
A) $67,500
B) $65,000
C) $17,500
D) $22,500
Correct Answer:
Verified
Correct Answer:
Verified
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