Question
The following information is available for Cooke Company for the current year: Net sales $1,800,000 Freight-in 45,000 Purchases discounts 25,000 Ending inventory 120,000 The gross
The following information is available for Cooke Company for the current year:
| Net sales | $1,800,000 |
| Freight-in | 45,000 |
| Purchases discounts | 25,000 |
| Ending inventory | 120,000 |
The gross margin is 40% of net sales. What is the cost of goods available for sale?
a.$1,220,000
b.$960,000
c.$840,000
d.$1,200,000
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Cassy Budd
13th International Edition
1265042616, 9781265042615
