For the year, Horizon Ltd.'s gross profit is $180,000, sales are $250,000, and ending inventory is $60,000. If net purchases are $90,000, what is the COGS? a. $70,000 b. $80,000 c. $90,000 d. $110,000

For the year, Horizon Ltd.'s gross profit is $180,000, sales are $250,000, and ending inventory is $60,000. If net purchases are $90,000, what is the COGS? a. $70,000 b. $80,000 c. $90,000 d. $110,000

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

4 POINTS

For the year, Horizon Ltd.'s gross profit is $180,000,
sales are $250,000, and ending inventory is $60,000. If
net purchases are $90,000, what is the COGS?
a. $70,000
b. $80,000
c. $90,000
d. $110,000

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