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Compute the ending inventory, assuming that (a) gross profit is 45% of sales, (b) gross profit is 60% of cost, (c) gross profit is 35% of sales, and (d) gross profit is 25% of cost.

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Answer:

a. $819,350

b. $641,975

c. $464,600

d. $228,100

Explanation:

The full question is as attached

a. Cost of Good sold = Sale - Gross Profit

Cost of Good sold = $2,365,000 - 45%*$2,365,000

Cost of Good sold = $1,300,750

Ending Inventory = Total Goods available for sale - Cost of Good sold

Ending Inventory = $2,120,100 - $1,300,750

Ending Inventory = $819,350

b. Cost of Good sold = Sale - Gross Profit

Cost of Good sold = $2,365,000 - 60/160* $2,365,000

Cost of Good sold = $1,478,125

Ending Inventory = Total Goods available for sale - Cost of Good sold

Ending Inventory = $2,120,100 - $1,478,125

Ending Inventory = $641,975

c. Cost of Good sold = Sale - Gross Profit

Cost of Good sold = $2,365,000 - 30%*$2,365,000

Cost of Good sold = $1,655,500

Ending Inventory = Total Goods available for sale - Cost of Good sold

Ending Inventory = $2,120,100 - $1,655,500

Ending Inventory = $464,600

d. Cost of Good sold = Sale - Gross Profit

Cost of Good sold = $2,365,000 - 25/125*$2,365,000

Cost of Good sold = $1,892,000

Ending Inventory = Total Goods available for sale - Cost of Good sold

Ending Inventory = $2,120,100 - $1,892,000

Ending Inventory = $228,100

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