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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
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