Multiple Choice
Lucent Technology maintains a gross margin of 40% on all of its merchandise. In April the company had a beginning inventory of $518,700, net purchases of $312,400, and net sales of $750,400. Use the gross profit method to estimate the cost of ending inventory as of March 31.
A) $380,860
B) $329,940
C) $120,000
D) $156,160
Correct Answer:
Verified
Correct Answer:
Verified
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