Question
17.LambdaCo. reported the following data at year-end: Sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; Cost of Goods Sold, $350,000; and gross margin, $150,000. What
17.LambdaCo. reported the following data at year-end: Sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; Cost of Goods Sold, $350,000; and gross margin, $150,000. What was the amount of merchandise purchased during the year?
A) $370,000
B) $355,000
C) $348,000
D) $341,000
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
1259259803, 978-1259259807
