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How much were the total collections during the year

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Problem 1: Home Co. Reported deferred gross profits of 200,000 and 60,000 at the beginning and end of the year, respectively. Home Co. Consistently made sales at a 25% gross profit rate. How much were the total collections during the year?

a. 480,000

b. 560,000

c. 580,000

d. 620,000

Reference no: EM132949254

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