c. Fowler has sold merchandise to Shinzer since 2017. Sales are $15,000 in 2017 and $20,000 in 2018. The merchandise is sold to provide a gross profit rate of 25%. Schinzer has $2,000 of these goods...

c. Fowler has sold merchandise to Shinzer since 2017. Sales are $15,000 in 2017 and $20,000 in 2018. The merchandise is sold to provide a gross profit rate of 25%. Schinzer has $2,000 of these goods in its December 31, 2017, inventory and $3,000 of such goods in its December 31, 2018, inventory.