anglacx2031 anglacx2031

27-10-2022
Business

Answered

landis company is preparing its financial statements. gross margin is normally 40% of sales. information taken from the company's records revealed sales of $140,000; beginning inventory of $14,000 and purchases of $98,000. what is the estimated amount of ending inventory at the end of the period?3

Answer :

shivanijain4931 shivanijain4931

10-11-2022

The estimated amount of ending inventory at the end of the period $28000.

Calculation of ending inventory:

Gross profit= 140000*0.40= 56000

Closing inventory= opening inventory+purchases+gross profit-sales

Closing inventory= 14000+98000+56000-140000= 28000

Inventory or stock refers to the goods and substances that a business holds for the final goal of resale, manufacturing or utilisation. inventory management is a subject primarily about specifying the form and location of stocked items

Stock refers to all of the gadgets, goods, merchandise, and materials held by using a commercial enterprise for promoting inside the market to earn a profit. example: If a newspaper supplier makes use of a automobile to deliver newspapers to the customers, simplest the newspaper can be taken into consideration stock.

Learn more about inventory here:https://brainly.com/question/24868116
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