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What was the amount of the ending inventory for crane corp

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Reference no: EM132752306

Problem 1: For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory?

Multiple Choice

Option 1: $1120000.

Option 2: $1520000.

Option 3: $1020000.

Option 4: $0.

Reference no: EM132752306

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