Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of$42,000. What is the estimated amount of ending inventory at the end of the period?Multiple ChoiceOOO$19,200$36,000$12,000$24,000

Sales comprises of gross margin and the cost of goods sold. Gross margin is given at 40% of the…

Answered: $42,000. What is the estimated amount…

$42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice Ο ο ο ο $19,200 $36,000 $12,000 $24,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of
$42,000. What is the estimated amount of ending inventory at the end of the period?
Multiple Choice
O
O
O
$19,200
$36,000
$12,000
$24,000

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