In 1996, Rizzo Co. had Beginning Inventory of S24,000 and Ending Inventory of S17,000. Sales Revenue during
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In 1996, Rizzo Co. had Beginning Inventory of S24,000 and Ending Inventory of S17,000. Sales Revenue during 1996 totaled $40,000. The gross profit percentage for previous years was 25% of sales. The purchase receipts file was destroyed in a fire during 1996. Based on the given information, what were purchases in 1996?
a. $17,000
b. $27,000
c. $30,000
d. $33,000
e. $23,000
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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