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Determine the cost of goods sold and sales revenue

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Reference no: EM131968691

Problem - The Baldwin Wholesale Company has began 2013 with inventory of $400,000 and ended the year with inventory of $500,000. The company's gross profit ratio is 25%, inventory turnover ratio is 2, and receivables turnover ratio is 4. Accounts receivable at the beginning of 2013 totaled $250,000.

Required: Determine the following for 2013:

1. Sales revenue

2. Cost of goods sold

3. Gross profit

Reference no: EM131968691

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