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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

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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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
Transcribed Image Text: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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