Based on the following data, determine the approximate valuation of ending inventory in each case given below: $\begin{array} { | l | l | l | }
\hline \text { Cost of goods available for sale } & \$ 400 & \
\hline \text { Net sales } & & 600 \
\hline
\end{array}$
Case A-Gross margin rate on sales = 40 percent:
Inventory valuation is $________________________ Case B-Gross margin rate on cost = 100 percent:
Inventory valuation is $________________________

Question

Based on the following data, determine the approximate valuation of ending inventory in each case given below: $\begin{array} { | l | l | l | } 
\hline \text { Cost of goods available for sale } & \$ 400 & \
\hline \text { Net sales } & & 600 \
\hline
\end{array}$
Case A-Gross margin rate on sales = 40 percent:
Inventory valuation is $________________________ Case B-Gross margin rate on cost = 100 percent:
Inventory valuation is $________________________

Quizplus · Accepted Answer

The Answer of Based on the following data, determine the approximate valuation of ending inventory in each case given below: $\begin{array} { | l | l | l | } 
\hline \text { Cost of goods available for sale } & \$ 400 & \
\hline \text { Net sales } & & 600 \
\hline
\end{array}$
Case A-Gross margin rate on sales = 40 percent:
Inventory valuation is $________________________ Case B-Gross margin rate on cost = 100 percent:
Inventory valuation is $________________________

Based on the Following Data, Determine the Approximate Valuation of Ending