Multiple Choice
Lewiston Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $50,000; beginning inventory of $5,000 and purchases of $35,000. The estimated amount of ending inventory would be:
A) $10,000.
B) $30,000.
C) $20,000.
D) $16,000.
Correct Answer:
Verified
Correct Answer:
Verified
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