In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000

In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

In 2020, Billy's Seafood reported the following:

Inventory, January 1, 2020: $50,000
Purchases in 2020: $450,000
Inventory, December 31, 2020: $ 90,000
Gross profit in 2020: $181,500

What were net sales for Billy's Seafood in 2020?

Question 10 options:

	$631,500
	$591,500
	$410,000
	$500,000

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