Question

In: Accounting

Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was...

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)

________

Solutions

Expert Solution

Calculation of ending inventory
$ $
Beginning inventory (at cost)          600,000.00
Purchases (at cost)        1,500,000.00
Total goods available for sale (at cost)        2,100,000.00
Sales (at selling price)        2,500,000.00
Less: Gross profit (45% of sales) 1,125,000.00
Sales (at cost)        1,375,000.00
Ending inventory (at cost) 3,475,000.00

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