Multiple Choice
Inlet Inc. has a normal gross profit of 25%. The current year's beginning inventory was $3,500, purchases were $14,000, and retail sales were $20,000. The estimated ending inventory under the gross profit method is:
A) $13,000.
B) $10,500.
C) $2,500.
D) $3,500.
Correct Answer:
Verified
Correct Answer:
Verified
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