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Compute the cost of goods sold

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Question - On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:

Beginning inventory, July 1: $4,000

Net sales: $40,000

Net purchases: $41,000

Required - The Company's gross margin ratio is 15%. Using the gross profit method, compute the cost of goods sold?

Reference no: EM132484437

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