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If a company has annual sales of $1,200,000 with a gross profit margin of 40%, what is the cost of goods sold?

If a company has annual sales of $1,200,000 with a gross profit margin of 40%, what is the cost of goods sold?

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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If a company has annual sales of $1,200,000 with a gross profit margin of 40%, what is the cost of goods sold?
Transcribed Image Text:If a company has annual sales of $1,200,000 with a gross profit margin of 40%, what is the cost of goods sold?
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