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Desired ending inventory is 110% of beginning inventory. If cost of goods sold is $300,000, which of the following statements is TRUE regarding purchases? Purchases
Desired ending inventory is 110% of beginning inventory. If cost of goods sold is $300,000, which of the following statements is TRUE regarding purchases?
| Purchases will equal cost of goods sold. | |
| Purchases will be 80% of cost of goods sold. | |
| Purchases will be less than cost of goods sold. | |
| Purchases will be more than cost of goods sold. |
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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
13th Edition
0273730045, 978-0273730040
