A firm had $200,000 in sales; $120,000 in goods available for


Question Description:

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A firm had $200,000 in sales; $120,000 in goods available for sale; ending finished goods inventory of $20,000; and selling and administrative expenses of $55,000. Which of the following is true? a.net income was 25.0% of sales b.the cost of goods sold was $140,000 c.the gross profit was $80,000 d.the beginning finished goods inventory is not determinable

Answer

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