Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A business makes sales with a gross profit margin of 30%. At 1 st January 2021, the inventory was valued at $2,600 and on 31

A business makes sales with a gross profit margin of 30%. At 1st January 2021, the inventory was valued at $2,600 and on 31st December 2021 at $3,800. During the year the sales totaled $80,800. What was the value of purchases during the year?

a.

$56,560

b.

$57,760

c.

$63,354

d.

$60,360

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

14th Edition

0324374178, 978-0324374179

More Books

Students also viewed these Accounting questions