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