nts) Kiwi Corp. reported gross profit of $6,090,000 for their first year of operations. If they purchased $8,100,000 of inventory during the year and had $2,430,000 of inventory on hand at the end of the year, what should they report as net sales for the period? O $2,010,000 O $5,670,000 O $11,760,000 O $16,620,000
nts) Kiwi Corp. reported gross profit of $6,090,000 for their first year of operations. If they purchased $8,100,000 of inventory during the year and had $2,430,000 of inventory on hand at the end of the year, what should they report as net sales for the period? O $2,010,000 O $5,670,000 O $11,760,000 O $16,620,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![nts) Kiwi Corp. reported gross profit of $6,090,000 for their first year of operations. If they purchased
$8,100,000 of inventory during the year and had $2,430,000 of inventory on hand at the end of the year,
what should they report as net sales for the period?
O $2,010,000
O $5,670,000
O $11,760,000
O $16,620,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd04645ef-6cf6-4d1b-a92f-7bdee3700327%2F41111a0b-0609-4c70-890f-a6596649f672%2Fmh1yfi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:nts) Kiwi Corp. reported gross profit of $6,090,000 for their first year of operations. If they purchased
$8,100,000 of inventory during the year and had $2,430,000 of inventory on hand at the end of the year,
what should they report as net sales for the period?
O $2,010,000
O $5,670,000
O $11,760,000
O $16,620,000
Expert Solution
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Step 1
Gross margin: Difference between the sales and the cost of goods sold is called gross margin.
Gross margin = Sales - Cost of goods sold
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Solved in 3 steps
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