B began business $3/15$ with a cash investment of $25000,$ The records show: Sales for the balance of the year $56000,$ accounts receivable $12/3130000,$ accounts payable $12/3120000,$ inventory $12/3124000$ Gross profit mark$-$up on selling price $25\%,$ the total cost of merchandise purchased during the year was? In the problem, the cash balance on $12/31$ was?

Answer rating: 100% (QA)

To find the total cost of merchandise purchased during the year we first need to calculate the cost ... View the full answer