Multiple Choice
The beginning inventory of Soft Toys Company was $42,000.The purchases (excluding returns) and sales revenue for the year were $250,000 and $320,000,respectively.The purchase returns amounted to $31,000.The company's normal gross profit percentage is 80%.What is the amount of estimated ending inventory?
A) $197,000
B) $31,000
C) $261,000
D) $256,000
Correct Answer:
Verified
Correct Answer:
Verified
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