Multiple Choice
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $75,000; beginning inventory of $7,500 and purchases of $52,500. What is the estimated amount of ending inventory at the end of the period?
A) $15,000
B) $45,000
C) $30,000
D) $24,000
Correct Answer:
Verified
Correct Answer:
Verified
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