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Shayla Ferguson
on Dec 16, 2024

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A. Macarty Company's records indicate the following information for the year:  Merchandise inventory, 1/1$550,000 Purchases 2,250,000 Net sales 3,100,000\begin{array}{lr}\text { Merchandise inventory, } 1 / 1 & \$ 550,000 \\\text { Purchases } & 2,250,000 \\\text { Net sales } & 3,100,000\end{array} Merchandise inventory, 1/1 Purchases  Net sales $550,0002,250,0003,100,000 On December 31 a physical inventory determined that ending inventory of $600000 was in the warehouse. A. Macarty's gross profit on sales has remained constant at 30%. A. Macarty suspects some of the inventory may have been taken by some new employees. At December 31 what is the estimated cost of missing inventory?

A) $30000
B) $42000
C) $180000
D) $600000

Gross Profit

The difference between sales revenue and the cost of goods sold, representing the basic profitability of a company's core business activities.

Inventory

The total amount of goods and materials held by a company, intended for sale or used in the production of goods to be sold.

  • Ascertain the impact of inaccuracies in inventory on financial reports.
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Miriam MoralesDec 21, 2024
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