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Wesley Retailers started the year with inventory of $45,000. • • Purchases during the year: $510,000 Ending inventory: $55,000 Total Sales: $720,000 1. What is Wesley's cost of goods sold (COGS)? 2. What is Wesley's gross margin?

Wesley Retailers started the year with inventory of $45,000. • • Purchases during the year: $510,000 Ending inventory: $55,000 Total Sales: $720,000 1. What is Wesley's cost of goods sold (COGS)? 2. What is Wesley's gross margin?

Intermediate Accounting: Reporting And Analysis
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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Wesley Retailers started the year with inventory of $45,000. • • Purchases during the year: $510,000 Ending inventory: $55,000 Total Sales: $720,000 1. What is Wesley's cost of goods sold (COGS)? 2. What is Wesley's gross margin?
Transcribed Image Text:Wesley Retailers started the year with inventory of $45,000. • • Purchases during the year: $510,000 Ending inventory: $55,000 Total Sales: $720,000 1. What is Wesley's cost of goods sold (COGS)? 2. What is Wesley's gross margin?
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