Question
On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory,
| On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: |
| Beginning inventory, January 1: $5,500 |
| Net sales: $55,000 |
| Net purchases: $56,000 |
The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: |
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
