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Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 Sales $ 432,000 Cost of goods sold: Inventory, January 1 66,000 Net
Thompson TV and Appliance reported the following in its 2021 financial statements:
| 2021 | |||
| Sales | $ | 432,000 | |
| Cost of goods sold: | |||
| Inventory, January 1 | 66,000 | ||
| Net purchases | 324,000 | ||
| Goods available for sale | 390,000 | ||
| Inventory, December 31 | 87,000 | ||
| Cost of goods sold | 303,000 | ||
| Gross profit | $ | 129,000 | |
Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.)
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Strategy, Value And RiskThe Real Options Approach
Authors: J. Rogers
2nd Edition
0230577377, 9780230577374
