Data

Gross margin

$20\%$

Sales

$$900,000$

Operating income

$$55,000$

Finished goods inventory, beginning balance

$$18,000$

Finished goods inventory, ending balance

$$14,000$ : SO WHAT IS THE COST OF GOODS SOLD?

Answer rating: 100% (QA)

To calculate the Cost of Goods Sold COGS we can use the following formula ... View the full answer