Question
3 00:34:30 On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is
3 00:34:30 On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,300 Net sales: $53,000 Net purchases: $54,000 The company's gross profit ratio is 15%. Using the gross profit method, the cost of goods sold would be:
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Accounting What the Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
11th edition
1259535312, 978-1259535314
