Company X reported profit of $15,000 and a profit margin of 6%. Its gross profit margin...
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Company X reported profit of $15,000 and a profit margin of 6%. Its gross profit margin was 25%. Cost of goods sold was: O $60,000 O $62.500 O $187,500 O $48,000 In a perpetual system, if the accounting records show an ending inventory balance of $72,000 and a physical count shows a balance of $66,000, it is necessary to debit Cost of Goods Sold and credit Merchandise Inventory for $6,000. O debit Sales Discounts and credit Merchandise Inventory for $6,000. O debit Merchandise Inventory and credit Cost of Goods Sold for $6,000. O debit Cost of Goods Sold and credit Sales Discounts for $6,000. Company X reported profit of $15,000 and a profit margin of 6%. Its gross profit margin was 25%. Cost of goods sold was: O $60,000 O $62.500 O $187,500 O $48,000 In a perpetual system, if the accounting records show an ending inventory balance of $72,000 and a physical count shows a balance of $66,000, it is necessary to debit Cost of Goods Sold and credit Merchandise Inventory for $6,000. O debit Sales Discounts and credit Merchandise Inventory for $6,000. O debit Merchandise Inventory and credit Cost of Goods Sold for $6,000. O debit Cost of Goods Sold and credit Sales Discounts for $6,000.
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The detailed answer for the above question is provided below To determine the Cost of Goods Sold COGS we can use the given information about the profi... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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