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Determine the cost of goods sold

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Question - On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:

Beginning inventory, January 1: $5,600

Net sales: $56,000

Net purchases: $57,000

The company's gross margin ratio is 15%. Using the gross profit method, determine the cost of goods sold?

Reference no: EM132956899

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