Question
1.Company had the following account balances at the end of the current accounting period: (10 pts) Beginning inventory $73,000 Net purchases 58,250 Net sales revenue
1.Company had the following account balances at the end of the current accounting period: (10 pts)
Beginning inventory
$73,000
Net purchases
58,250
Net sales revenue
87,500
The normal gross profit for the company is $45%. What was the company's estimated cost of goods sold for the accounting period?
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Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
10th edition
978-1119298229, 1119298229, 978-1119305828, 1119305829, 978-1119305736
