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The following selected accounts are taken from the ledger of ABC Merchandising on December 31, 2022: Account Sales Sales discount Gross profit Operating expenses Amount $650,000 4% $250,000 $180,000 Merchandise inventory, Jan. 1, 2022 $80,000 Merchandise inventory, Dec. 31, 2022 $60,000 Accounts receivable, Jan. 1, 2022 $90,000 Accounts receivable, Dec. 31, 2022 $70,000 The cost of sales ratio or cost ratio is:

The following selected accounts are taken from the ledger of ABC Merchandising on December 31, 2022: Account Sales Sales discount Gross profit Operating expenses Amount $650,000 4% $250,000 $180,000 Merchandise inventory, Jan. 1, 2022 $80,000 Merchandise inventory, Dec. 31, 2022 $60,000 Accounts receivable, Jan. 1, 2022 $90,000 Accounts receivable, Dec. 31, 2022 $70,000 The cost of sales ratio or cost ratio is:

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.9.4MBA
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The following selected accounts are taken from the ledger of ABC Merchandising on December 31, 2022: Account Sales Sales discount Gross profit Operating expenses Amount $650,000 4% $250,000 $180,000 Merchandise inventory, Jan. 1, 2022 $80,000 Merchandise inventory, Dec. 31, 2022 $60,000 Accounts receivable, Jan. 1, 2022 $90,000 Accounts receivable, Dec. 31, 2022 $70,000 The cost of sales ratio or cost ratio is:
Transcribed Image Text:The following selected accounts are taken from the ledger of ABC Merchandising on December 31, 2022: Account Sales Sales discount Gross profit Operating expenses Amount $650,000 4% $250,000 $180,000 Merchandise inventory, Jan. 1, 2022 $80,000 Merchandise inventory, Dec. 31, 2022 $60,000 Accounts receivable, Jan. 1, 2022 $90,000 Accounts receivable, Dec. 31, 2022 $70,000 The cost of sales ratio or cost ratio is:
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