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Question 28 2.5 pts Ending inventory: increases Cost of Goods Sold. does not affect Cost of Goods Sold. increases Sales. decreases Cost of Goods Sold.

Question 28 2.5 pts
Ending inventory:
increases Cost of Goods Sold.
does not affect Cost of Goods Sold.
increases Sales.
decreases Cost of Goods Sold.
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Question 29 2.5 pts
If gross profit exceeds operating expenses, the company:
liabilities are greater than gross profit.
broke even.
had a net loss.
had a net income.
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Question 30 2.5 pts
Beginning inventory was $3,000, purchases totaled $20,000 and sales were $17,000. What is the ending inventory? Assume gross profit is $0.
$6,000
$8,000
$4,000
$2,000
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Question 31 2.5 pts
If $6,000 was the beginning inventory, purchases were $10,000 and sales were $7,000. How much was ending inventory last accounting period?
$0
$6,000
$9,000
$3,000

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