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Business, 07.11.2019 03:31 ToriChristine

On march 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. the following information is available: beginning inventory, january 1: $5,000 net sales: $50,000 net purchases: $51,000 the company's gross margin ratio is 15%. using the gross profit method, the cost of goods sold would be:

$6,000. $26,500. $5,000. $31,500. $42,500.

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On march 31 a company needed to estimate its ending inventory to prepare its first quarter financial...
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