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For the year, your company's gross profit is $250,000, sales are $320,000, and ending inventory is $75,000. If net purchases are $100,000, then COGS is: a. $70,000 b. $95,000 c. $110,000 d. $130,000

For the year, your company's gross profit is $250,000, sales are $320,000, and ending inventory is $75,000. If net purchases are $100,000, then COGS is: a. $70,000 b. $95,000 c. $110,000 d. $130,000

Intermediate Accounting: Reporting And Analysis
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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For the year, your company's gross profit is $250,000, sales are $320,000, and ending inventory is $75,000. If net purchases are $100,000, then COGS is: a. $70,000 b. $95,000 c. $110,000 d. $130,000
Transcribed Image Text:For the year, your company's gross profit is $250,000, sales are $320,000, and ending inventory is $75,000. If net purchases are $100,000, then COGS is: a. $70,000 b. $95,000 c. $110,000 d. $130,000
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