Multiple Choice
On January 1, 2014, the merchandise inventory of Glaus, Inc. was $1,200,000. During 2014 Glaus purchased $2,400,000 of merchandise and recorded sales of $3,000,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Glaus at December 31, 2014?
A) $600,000.
B) $750,000.
C) $1,350,000.
D) $2,250,000.
Correct Answer:
Verified
Correct Answer:
Verified
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