The beginning inventory jan. 1 2010 was 170000 in the past, Ask an Expert

Accounting

On December 31, 2010 Felt Company's inventory burned. Sales and purchases for the year had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.

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Accounting Basics, Accounting

Category:- Accounting Basics
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