Question
Wedge Company had a $24,000 beginning inventory and a $27,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $8,000; and freight
Wedge Company had a $24,000 beginning inventory and a $27,000 ending inventory. Net sales were $160,000; purchases, $80,000; purchase returns and allowances, $8,000; and freight in, $9,000. Cost of goods sold for the period is $78,000. What is Wedge's gross profit percentage (rounded to the nearest percentage)?
A. 1515%
B. 5151%
C. 4949%
D. 1717%.
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Fundamental Accounting Principles Volume 2
Authors: John Wild, Ken Shaw, Barbara Chiappetta
21st Edition
0077716663, 978-0077716660
