If net sales are $390,000. cost of goods available for sale is $340,000, and gross profit...

Question

Question

Answer 1

Answer #1

Cost of Goods Sold = Net sales - Gross profit

= 390,000 - 35%

= 253,500

Ending inventory = Cost of Goods available for sale - Cost of Goods Sold

= 340,000 - 253,500

= 86,500

Answer 2

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