Business, 15.04.2020 04:22 milessims3953

Finland Co. prepares monthly income statements. A physical inventory is taken only at year end; hence, month-end inventories must be estimated. All sales are made on account. The rate of markup on cost is 50%. The following information relates to the month of June:

Accounts receivable, June 1 $20,000
Accounts receivable, June 30 30,000
Collection of accounts receivable during June 50,000
Inventory, June 1 36,000
Purchases of inventory during June 32,000

The estimated cost of the June 30 inventory is

A. $24,000
B. $28,000
C. $38,000
D. $44,000

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Finland Co. prepares monthly income statements. A physical inventory is taken only at year end; henc...

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