Calculate (a) closing book inventory CBI at Retail (b) gross cost of merchandise sold GCOMS (c) gross
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Question:
Calculate (a) closing book inventory CBI at Retail (b) gross cost of merchandise sold GCOMS (c) gross margin % GM%
(a) CBI 40,750(b)GCOM 25,810 and (c) GM% 16.25
(a) CBI 38,240 (b)GCOM 124,781 and (c) GM% 25.5
(a) CBI 38,240 (b)GCOM 124,781 and (c) GM% 36.97
(a) CBI 75,250 (b)GCOM 250,457 and (c) GM% 15.35
Cost | Retail | |
Opening inventory | $ 25,200 | $ 42,800 |
Net purchases | 119,700 | 210,300 |
Freight | 980 | |
Additional markup | 480 | |
Net markdowns | 18,720 | |
Net sales | 195,760 | |
Employee discounts | 860 | |
Cash discounts | 1,796 | |
Alteration costs | 398 | |
Closing physical inventory | 36,674 |
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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