During 2020 Quail, Inc. had sales of $86,000. In addition, during 2020 Quail received $4,000 in cash that was still unearned at the end of 2020. The company had cost of goods sold of $44,000, and it paid $40,000 for inventory during the year. What was Quail's gross profit for 2020? $42,000 $56,000 O $46,000 $50,000 None of the above
During 2020 Quail, Inc. had sales of $86,000. In addition, during 2020 Quail received $4,000 in cash that was still unearned at the end of 2020. The company had cost of goods sold of $44,000, and it paid $40,000 for inventory during the year. What was Quail's gross profit for 2020? $42,000 $56,000 O $46,000 $50,000 None of the above
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter21: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 11P: Negus Enterprises has an inventory conversion period of 50 days, an average collection period of 35...
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