ABC Corp. operates a retail store and uses the periodic inventory system. The company's inventory records for the month of September are as follows:

Beginning inventory - $25,000 Purchases:

• September 4 - $15,000
• September 18 - $20,000
• September 28 - $25,000 Ending inventory (physical count) - $30,000

The company's gross profit rate is 40% of net sales. Calculate the company's cost of goods sold and net income for the month of September.

Answer rating: 100% (QA)

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