Question
For 2020, cost of goods available for sale for Tate Corporation was $4,400,000. The gross profit rate on sales was 20%. Sales for the year
For 2020, cost of goods available for sale for Tate Corporation was $4,400,000. The gross profit rate on sales was 20%. Sales for the year were $4,000,000. What was the amount of the estimated gross profit?
a.
$1,300,000.
b.
$1,200,000.
c.
$800,000.
d.
$900,000.
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Financial Accounting
Authors: Michael J. Jones
2nd Edition
1119977150, 978-1119977155
