At the beginning of the year, Grouper Athletic Supply had an inventory of $381,800. During the year,
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Question:
At the beginning of the year, Grouper Athletic Supply had an inventory of $381,800. During the year, the company purchased goods costing $1,120,000. If the company reported ending inventory of $380,000 and sales of $1,580,000, their cost of goods sold and gross profit rate would be:
- $1,121,800 and 29%
- $740,000 and 29%
- $1,121,800 and 71%
- $740,000 and 71%
the COGS is $1,121,800.
how to calculate the gross profit rate with this information?
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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