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Gross profit in 2020 for the Oak Tree Company totaled $800,000. If the cost of goods sold was 50% of sales, sales must have been A: $1,200,000 B: $1,600,000 C: $2,000,000 D: $3,200,000

Gross profit in 2020 for the Oak Tree Company totaled $800,000. If the cost of goods sold was 50% of sales, sales must have been A: $1,200,000 B: $1,600,000 C: $2,000,000 D: $3,200,000

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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Gross profit in 2020 for the Oak Tree Company totaled $800,000. If the cost of goods sold was 50% of sales, sales must have been A: $1,200,000 B: $1,600,000 C: $2,000,000 D: $3,200,000
Transcribed Image Text:Gross profit in 2020 for the Oak Tree Company totaled $800,000. If the cost of goods sold was 50% of sales, sales must have been A: $1,200,000 B: $1,600,000 C: $2,000,000 D: $3,200,000
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