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Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000

Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000
Transcribed Image Text:Questions:88 The following information appeared in the accounting records of a retail store for the previous year: Sales Purchases Inventories: $ 3,00,000 $1,40,000 January 1 $ 70,000 December 31 $ 1,00,000 $ 10,000 Sales commissions The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000
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