Multiple Choice
During the last year, an organization had an opening inventory of $300,000, purchases of $980,000, sales of $1,850,000, and a gross margin of 40 percent. What is the closing inventory if the periodic inventory system is used?
A) $170,000
B) $280,000
C) $300,000
D) $540,000
Correct Answer:
Verified
Correct Answer:
Verified
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