On March 31, a company needed to estimate its ending inventory to prepare its first quarter financial
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Question:
On March 31, a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:
Beginning inventory, January 1: $5,000
Net sales: $50,000
Net purchases: $51,000
The company's gross margin ratio is 15%.
Using the gross profit method, calculate the cost of goods sold.
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