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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 429,000 Cost of goods sold: Inventory, January 1 68,000 Net
Thompson TV and Appliance reported the following in its 2021 financial statements:
| 2021 | |||
| Sales | $ | 429,000 | |
| Cost of goods sold: | |||
| Inventory, January 1 | 68,000 | ||
| Net purchases | 331,000 | ||
| Goods available for sale | 399,000 | ||
| Inventory, December 31 | 104,000 | ||
| Cost of goods sold | 295,000 | ||
| Gross profit | $ | 134,000 | |
Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)
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Auditing Explained A Practical Guide For Managers
Authors: John Dunn
1st Edition
0749405619, 978-0749405618
