Multiple Choice
On January 1, 2010, the merchandise inventory of Glaus, Inc.was $800,000.During 2010 Glaus purchased $1,600,000 of merchandise and recorded sales of $2,000,000.The gross profit rate on these sales was 25%.What is the merchandise inventory of Glaus at December 31, 2010?
A) $400,000.
B) $500,000.
C) $900,000.
D) $1,500,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: When the conventional retail inventory method is
Q5: A major advantage of the retail inventory
Q27: The gross profit method of inventory valuation
Q33: Use the following information for questions
Q34: Under International Financial Reporting Standards (IFRS), when
Q69: A markup of 40% on cost is
Q100: Robertson Corporation acquired two inventory items at
Q101: Confectioners, a chain of candy stores, purchases
Q107: Crane Sales Company uses the retail inventory
Q146: A disadvantage of the gross profit method