Please explain answers. Thanks!
Presented below is information related to Sarasota Corporationfor the current year.
| Beginning inventory | | $ 608,100 | | |
| Purchases | | 1,487,500 | | |
| Total goods available for sale | | | | $2,095,600 |
| Sales revenue | | | | 2,495,000 |
Compute the ending inventory, assuming that (a) gross profit is 45%of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%of sales, and (d) gross profit is 25% of cost. (Roundratios 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 45% of sales | | $ |
| (b) | | Gross profit is 60% of cost | | $ |
| (c) | | Gross profit is 33% of sales | | $ |
| (d) | | Gross profit is 25% of cost | | $ |
