Chapter 15, Problem 15.3P

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Yao Ming Traders has the following transaction data: beginning inventory $9,200, purchases $70,000, purchase returns $3,000, freight-in $4,100, and ending inventory $12,500. Cost of goods sold is? a) $67,800 b) $70,300 c) $68,500 d) $66,800

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What is the amount of the gross profit that would be reported the absorption costing income statement?

Financial Accounting