Third quarter financial statements

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Reference no: EM13150052

On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:

Beginning inventory, July 1: $4,000

Net sales: $40,000

Net purchases: $41,000

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

Reference no: EM13150052

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