Multiple Choice
A firm had a beginning inventory balance of $1,000, net purchases of $35,000, and sales of $40,000. Its gross margin percentage was 25 percent. Using the gross margin method, the ending inventory balance is
A) $1,000
B) $7,000
C) $6,000
D) $10,000
Correct Answer:
Verified
Correct Answer:
Verified
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