Reference no: EM131797331

On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $30,000; Supplies, $600; Equipment, $10,000; Accounts Payable, $8,500. What is the amount of stockholders' equity as of August 31 of the current year?

Mega Skateboard Supplier, Inc. had net sales of $2.8 million, its cost of goods sold was $1.6 million, and its net income was $0.9 million. What does the gross margin ratio equal?

Bedrock Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available:

• The ending inventory balance of $412,000 included $72,000 of consigned inventory for which Bedrock was the consignor.

• The ending inventory balance of $412,000 included $22,000 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.

Based on this information, the correct balance for ending inventory on December 31 is: