Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month totaled $4800. If the company’s gross profit rate is 40%, Flint will report monthly net sales revenue and cost of goods sold of $185000 and $111000. $180200 and $108120. $185000 and $108120. $180200 and $72080.

Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month totaled $4800. If the company’s gross profit rate is 40%, Flint will report monthly net sales revenue and cost of goods sold of $185000 and $111000. $180200 and $108120. $185000 and $108120. $180200 and $72080.

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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