Multiple Choice
Fortune Company had sales during July 20X3 of $29,000.During the month,the company had purchases of $17,000.At July 1,20X3,the company had inventory of $4,500.Assuming the company has a gross profit percentage of 40%,what is the estimated ending inventory for Fortune Company at July 31,20X3?
A) $ 4,100
B) $ 4,900
C) $ 7,300
D) $ 7,500
E) $ 9,900
Correct Answer:
Verified
Correct Answer:
Verified
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