Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory...
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Accounting
Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was $600,000. Purchases was 1,500,000. Sales revenue was 2,500,000. Required: Fill in the blanks to compute the ending inventory, assuming that gross profit is 45% of sales.
Beginning inventory (at cost)
________
Purchases (at cost)
________
Total goods available for sale (at cost)
________
Sales (at selling price)
________
Less: Gross profit (45% of sales)
________
Sales (at cost)
________
Ending inventory (at cost)
________
Answer & Explanation
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