A company had the following information for 20XX: Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory COGS Gross Profit $20,000 75,000 95,000 10,000 $ 140,000 85,000 55,000

A company had the following information for 20XX: Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory COGS Gross Profit $20,000 75,000 95,000 10,000 $ 140,000 85,000 55,000

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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Question

Calculate the correct gross profit for 20xx

A company had the following information for 20XX:
Net Sales Revenue
Cost of Goods Sold
Beginning Merchandise Inventory
Purchases
Cost of Goods Available for Sale
Less: Ending Merchandise Inventory BAR
COGS
Gross Profit
$20,000
75,000
95,000
10,000
$ 140,000
85,000
55,000

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