At the beginning of the year, Monty had an inventory of $630000. During the year, the company purchased goods costing $2240000. If Monty reported ending inventory of $950000 and sales of $3720000, their cost of goods sold and gross profit rate would be

$1920000 and 48.39%.

$2430000 and 48.39%.

$1920000 and 51.61%.

$1290000 and 51.61%.

Answer rating: 100% (QA)

Answer 1 Calculation of the Cost of goods sol... View the full answer