United Services and Supplies reports net income of $88000 and cost of goods sold of $335000....
United Services and Supplies reports net income of $88000 and cost of goods sold of $335000. If US&S’s gross profit rate was 35%, net sales were
a $957143 b. $798143 c. $515385 d. $1045143
Homework Answers
Net sales = Cost of goods sold / (1 - Gross profit rate)
Net sales = $335000 / (1 - 0.35)
Net sales = $515385
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United Services and Supplies reports net income of $88000 and
cost of goods sold of $335000....
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