Given the following information, calculate the estimated cost of goods sold. Gross profit rate 28% Net sales at retail $70,700 Beginning inventory $36,000 Net purchases O $50,904 O $19,796 O $64,800 O $39,096 $54,000
Given the following information, calculate the estimated cost of goods sold. Gross profit rate 28% Net sales at retail $70,700 Beginning inventory $36,000 Net purchases O $50,904 O $19,796 O $64,800 O $39,096 $54,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am.303.
Transcribed Image Text:Given the following information, calculate the estimated cost of goods sold.
Gross profit rate
28%
Net sales at retail
$70,700
Beginning inventory $36,000
Net purchases
O $50,904
O $19,796
O $64,800
O $39,096
$54,000
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