Answered: Elite Retailers has sales of $52,000,…

Elite Retailers has sales of $52,000, beginning inventory of $8,500, purchases of $34,000, and ending inventory of $6,200. The cost of goods sold is: A) $36,300 B) $28,700 C) $52,000 D) $42,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

General accounting

Elite Retailers has sales of $52,000, beginning inventory
of $8,500, purchases of $34,000, and ending inventory of
$6,200. The cost of goods sold is:
A) $36,300
B) $28,700
C) $52,000
D) $42,500

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