Question
Wedge Company had a $34,000 beginning inventory and a $40,000 ending inventory. Net sales were $149,000; purchases,$85,000; purchase returns and allowances, $7,000; and freight in,
Wedge Company had a $34,000 beginning inventory and a $40,000 ending inventory. Net sales were
$149,000; purchases,$85,000; purchase returns and allowances, $7,000; and freight in, $7,000. Cost of goods sold for the period is $79,000. What is Wedge's gross profit percentage (rounded to the nearest percentage)?
A. 5353% B. 2323% C. 4747% D. 2727%.
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
