Gross Margin = Sales - Cost of Goods Sold
300,000= 1,000,000 - Cost of Goods Sold
Cost of Goods Sold = 1,000,000 - 300,000
= 700,000
Option C is the answer
The financial statements of Tin Company included the following: Sales Gross margin Ending Inventory $1,000,000 300,000...
When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31. Year 2 Beginning inventory Purchases Sales Estimated gross margin percentage $ 227,500 $ 815,000 $1,162,500 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $403,125 $639,375 TB MC Qu. 05-78 When preparing its quarterly financial statements.....
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he following information pertains to Clove Co. for the month just ended: Budgeted sales $1,000,000 Breakeven sales 700,000 Budgeted contribution margin 600,000 Cash flow breakeven 200,000 Clove’s margin of safety is A) $800,000 B) $300,000 C)$500,000 D)$400,000
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