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3. Inventory on December 31, 2020? 1100_ 4. Gross Margin for FY 2020? 5. Net Cash Flows from Operations for FY 2020? +1200

3. Inventory on December 31, 2020? 1100_ 4. Gross Margin for FY 2020? 5. Net Cash Flows from Operations for FY 2020? +1200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Questions 3-5 are with reference to the following information: ABCorp shows the following sales related figures for its fiscal/calendar year 2020: $1800 400 900 Gross Revenues Credit Sales (Payable in 2021) Costs of Items Sold (All units cost the same amount) Returns (all returns cleaned at a cost of $100, and restocked for sale in 2021) Defective Units Returned & Destroyed; New Items Sent to Customers at no Charge (at Cost) Inventory January 1, 2020 Inventory Acquired During 2020 Inventory Acquired on Account, Payable in 2021 200 100 1600 600 200 Spoliage During 2020 400 Assuming no other information is available or relevant, what is the DOLLAR VALUE of ABCorp's!: 3. Inventory on December 31, 2020? 1100_ 4. Gross Margin for FY 2020? 5. Net Cash Flows from Operations for FY 2020? +1200_
Transcribed Image Text:Questions 3-5 are with reference to the following information: ABCorp shows the following sales related figures for its fiscal/calendar year 2020: $1800 400 900 Gross Revenues Credit Sales (Payable in 2021) Costs of Items Sold (All units cost the same amount) Returns (all returns cleaned at a cost of $100, and restocked for sale in 2021) Defective Units Returned & Destroyed; New Items Sent to Customers at no Charge (at Cost) Inventory January 1, 2020 Inventory Acquired During 2020 Inventory Acquired on Account, Payable in 2021 200 100 1600 600 200 Spoliage During 2020 400 Assuming no other information is available or relevant, what is the DOLLAR VALUE of ABCorp's!: 3. Inventory on December 31, 2020? 1100_ 4. Gross Margin for FY 2020? 5. Net Cash Flows from Operations for FY 2020? +1200_
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