On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj purchased $3,520,000 of merchandise and recorded sales of $4,400,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Minaj at December 31, 2020? O $1,100,000 O $880,000 O $1,980,000 O $3,300,000

On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj purchased $3,520,000 of merchandise and recorded sales of $4,400,000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Minaj at December 31, 2020? O $1,100,000 O $880,000 O $1,980,000 O $3,300,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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