Target co. had an inventory of $600,000. During the year, the company purchased additionalinventory costing $2,250,000. If Target reported ending inventory of $750,000 and sales of$3,000,000, their cost of goods sold and gross profit rate would beO $1,500,000 and 70%.O $2,100,000 and 30%.O $1,500,000 and 30%.O $2,100,000 and 70%.

The cost of goods sold is all the direct cost incurred by the company for making the product.

Answered: cost of goods sold and gross profit…

Business

Accounting

cost of goods sold and gross profit rate would be

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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