Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator,...

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Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642). NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach. NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator. NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise. Opening inventory Gross purchases Returns to vendors Cash discounts Alteration costs Freight Gross Sales Customer returns Markdowns Markdown cancellations Additional markup Employee discounts Closing physical inventory Cost ($) 130,410 418,390 1,726 2,040 1,620 1,690 Retail ($) 201,543 884,916 3,514 806,430 60,340 120,630 3,048 360 1,010 212,803 ► Calculate the gross cost of merchandise sold. Present your answer with a dollar sign, comma separator, and rounded to the dollar (i.e. $19,642). NOTE. In order to get the answer on the key, you have to use the cost value of Physical Inventory NOT the cost value of Closing Book Inventory. Physical inventory is the more correct number, so this is the appropriate approach. NOTE. In order to get the answer on the key, you have to compute the cost percent, rounded to four decimal places (i.e. 53.1234%). This is a short-coming of the key that came with your textbook - and the authors' computation of the answer using Excel instead of a caluclator. NOTE. There are four questions associated with this data. You will ultimately complete a complete RIM exercise. Opening inventory Gross purchases Returns to vendors Cash discounts Alteration costs Freight Gross Sales Customer returns Markdowns Markdown cancellations Additional markup Employee discounts Closing physical inventory Cost ($) 130,410 418,390 1,726 2,040 1,620 1,690 Retail ($) 201,543 884,916 3,514 806,430 60,340 120,630 3,048 360 1,010 212,803 ►

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To calculate the gross cost of merchandise sold we need to subtract the closing physical invento... View the full answer