Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 45%. What was the cost of purchases during the year, to the nearest $100?

Tarmac Co made sales of $1,930,200 during the year ended 31st March X3. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 45%. What was the cost of purchases during the year, to the nearest $100?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Tarmac Co made sales of $1,930,200 during the year ended 31st March X3.
Inventory decreased by $132,000 over the year and all sales were made at
a mark-up of 45%.

What was the cost of purchases during the year, to the nearest $100?

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