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Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $157,500 22,950 101,250 ? ? 64,350 What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year? O Ending Inventory = $31,050; Cost of Goods Sold = $93,150 O Ending Inventory = $26,250; Cost of Goods Sold = $60,600 Ending Inventory = $14,850; Cost of Goods Sold = $93,150 O Ending Inventory = $26,700; Cost of Goods Sold = $60,600

Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $157,500 22,950 101,250 ? ? 64,350 What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year? O Ending Inventory = $31,050; Cost of Goods Sold = $93,150 O Ending Inventory = $26,250; Cost of Goods Sold = $60,600 Ending Inventory = $14,850; Cost of Goods Sold = $93,150 O Ending Inventory = $26,700; Cost of Goods Sold = $60,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $157,500 22,950 101,250 ? ? 64,350 What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year? O Ending Inventory = $31,050; Cost of Goods Sold = $93,150 O Ending Inventory = $26,250; Cost of Goods Sold = $60,600 O Ending Inventory = $14,850; Cost of Goods Sold = $93,150 O Ending Inventory = $26,700; Cost of Goods Sold = $60,600
Transcribed Image Text:Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $157,500 22,950 101,250 ? ? 64,350 What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year? O Ending Inventory = $31,050; Cost of Goods Sold = $93,150 O Ending Inventory = $26,250; Cost of Goods Sold = $60,600 O Ending Inventory = $14,850; Cost of Goods Sold = $93,150 O Ending Inventory = $26,700; Cost of Goods Sold = $60,600
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