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A company had expenses other than cost of goods sold of $270,000. Determine sales and gross profit given cost of goods sold was $110,000 and net income was $170,000.

A company had expenses other than cost of goods sold of $270,000. Determine sales and gross profit given cost of goods sold was $110,000 and net income was $170,000.

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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A company had expenses other than cost of goods sold of $270,000. Determine sales and gross profit given cost of goods sold was $110,000 and net income was $170,000. Multiple Choice Sales: $380,000; gross profit: $60,000 Sales: $550,000; gross profit: $60,000 Sales: $440,000; gross profit: $550,000 Sales: $550,000; gross profit: $440,000 Sales: $380,000; gross profit: $170,000
Transcribed Image Text:A company had expenses other than cost of goods sold of $270,000. Determine sales and gross profit given cost of goods sold was $110,000 and net income was $170,000. Multiple Choice Sales: $380,000; gross profit: $60,000 Sales: $550,000; gross profit: $60,000 Sales: $440,000; gross profit: $550,000 Sales: $550,000; gross profit: $440,000 Sales: $380,000; gross profit: $170,000
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