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A company reported the following in its 2024 financial statements: 2024 Sales $ 422,000 Cost of goods sold: Inventory, January 1 68,000 Net purchases 329,000
A company reported the following in its 2024 financial statements:
| 2024 | |
|---|---|
| Sales | $ 422,000 |
| Cost of goods sold: | |
| Inventory, January 1 | 68,000 |
| Net purchases | 329,000 |
| Goods available for sale | 397,000 |
| Inventory, December 31 | 100,000 |
| Cost of goods sold | 297,000 |
| Gross profit | $ 125,000 |
The company's 2024 gross profit ratio is:
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Global Financial Accounting And Reporting Principles And Analysis
Authors: Peter Walton, Walter Aerts
2nd Edition
1408017725, 978-1408017722
