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Given the following data for a retail store: Inventory Beginning Purchases Inventory End $10,000 $20,000 $15,000 Requirements: Calculate the cost of goods sold. Determine the
Given the following data for a retail store:
| Inventory Beginning | Purchases | Inventory End |
|---|---|---|
| $10,000 | $20,000 | $15,000 |
Requirements:
- Calculate the cost of goods sold.
- Determine the gross profit.
- Explain the impact of inventory changes on COGS.
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Survey of Accounting
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay
5th edition
1259631125, 978-1259631122
