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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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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
7th edition
1259722635, 978-1259722639
