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Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. Hamilton's gross profit What is percentage?

Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. Hamilton's gross profit What is percentage?

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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What is hamilton's gross profit percentage?

Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. Hamilton's gross profit What is percentage?
Transcribed Image Text:Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. Hamilton's gross profit What is percentage?
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