Reference no: EM132472003
Presented below is information related to Grouper Corporation for the current year.
Beginning inventory $ 600,400
Purchases 1,490,900
Total goods available for sale $2,091,300
Sales revenue 2,465,000
Question 1: Compute the ending inventory, assuming that (a) gross profit is 42% of sales, (b) gross profit is 60% of cost, (c) gross profit is 32% of sales, and (d) gross profit is 25% of cost. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answers to 0 decimal places, e.g. 28,987.)
Ending Inventory
(a) Gross profit is 42% of sales
(b) Gross profit is 60% of cost
(c) Gross profit is 32% of sales
(d) Gross profit is 25% of cost