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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 422,000 Cost of goods sold: Inventory, January 1 64,000 Net
Thompson TV and Appliance reported the following in its 2021 financial statements:
| 2021 | |||
| Sales | $ | 422,000 | |
| Cost of goods sold: | |||
| Inventory, January 1 | 64,000 | ||
| Net purchases | 321,000 | ||
| Goods available for sale | 385,000 | ||
| Inventory, December 31 | 92,000 | ||
| Cost of goods sold | 293,000 | ||
| Gross profit | $ | 129,000 | |
Thompson's 2021 gross profit ratio is:
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Construction Guide Accounting And Knowledge Based Audits
Authors: CPA Eric P. Wallace
1st Edition
0808020870, 978-0808020875
