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Question - The following information was provided by Wilson Co. for the year just ended:
Beginning finished goods inventory $200,000
Ending finished goods inventory $100,000
Sales $900,000
Gross Margin $200,000
Required - Determine the cost of goods manufactured for the year?
a. $500,000
b. $600,000
c. $300,000
d. $200,000
Assume that the company will prepare budgeted statement of financial position as of June 30. Compute the accounts receivable as of that date.
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