The following information appeared in the accounting records of a retail store for the previous year: Sales $300,000 Purchases $140,000 Inventories: January 1 $70,000 December 31 $100,000 Sales commissions $10,000 The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000

The following information appeared in the accounting records of a retail store for the previous year: Sales $300,000 Purchases $140,000 Inventories: January 1 $70,000 December 31 $100,000 Sales commissions $10,000 The gross margin was: a. $190,000 b. $180,000 c. $160,000 d. $150,000

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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Question

The following information appeared in the accounting records of a retail store
for the previous year:
Sales
$300,000
Purchases
$140,000
Inventories:
January 1
$70,000
December 31
$100,000
Sales commissions $10,000
The gross margin was:
a. $190,000
b. $180,000
c. $160,000
d. $150,000

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