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2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152,000 195,000 57,000 138,000 $158,000 36,000 146,000 182,000 43,000 139,000 $139,000 ATC's gross profit ratio (rounded) in 2021 is: 1 0 53.4% 0 51.9%. 0 50.3% 0 None of these answer choices are correct
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